The majority of domestic and global brokerages have upheld their 'buy' recommendation on SBI following the announcement of record profits by India's largest PSU. State Bank of India reported its highest stand alone quarterly net profit of ₹20,698 crore in Q4 FY24, driven by strong growth in non-interest income. Analysts are more confident in the bank's financial performance, leading to an increase in target prices. Nomura raised its target price on SBI's stock to ₹1,000 from ₹825, while Jefferies maintained its 'buy' rating and raised the target price to ₹980 from ₹810.
Santanu Chakrabarti from BNP Paribas retained an 'outperform rating' with a target price of ₹840, valuing the bank using the SOTP method. ICICI Securities noted that SBI exceeded estimates on various financial metrics. Emkay Global emphasized the positive outlook on SBI's earnings and retained a 'buy' call with a revised target price of ₹950 from ₹750. Motilal Oswal reiterated a 'buy' call with a target price of ₹925, highlighting the bank's strong earnings recovery.
Prabhudas Lilladher expressed positivity towards SBI while adjusting the target price to ₹910 from ₹770. Despite the stock reaching an all-time high, Citi maintained a 'sell' call with a target price raised to ₹701. SBI shares hit a record high of 839.65 on the NSE on May 9 and closed at ₹816.85 on Friday.