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SBI gains 2% after MS raises target price

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NEW DELHI: Shares of State Bank of India (SBI) edged up nearly 2 per cent in morning trade on Tuesday after the global financial firm Morgan Stanley attributed an overweight rating to the stock and raised the target price to Rs 425 from Rs 375. Morgan Stanley expects that the PSU lender's loan growth will pick-up and net interest margins (NIMs) will improve in the financial year 2019-20. Credit costs may drop in FY20 and loan growth is likely to pick up, which is an ideal backdrop to own SBI, the report further said. The risk, that the country's largest lender by assets, will be used to bail out weak entities remains, but it is unlikely to be big, Morgan Stanley said.

Shares of the company traded 1.44 per cent up at Rs 327.45 on BSE around 10:20 am.

Source: Markets Mojo




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