Wednesday, 12 November 2008

Buy SBI, target of Rs 1700: Emkay Global

Emkay Global Financial Services has maintained its buy rating on State Bank of India with a target of Rs 1700 in its November 3, 2008 research report. "State Bank of India’s (SBI) Q2FY09 net profit at Rs 22.6 billion. The operating performance remained strong as the rising investment yield and moderate rise in cost of funds helped the bank to report a 45% yoy growth in NII. We have revised our EPS estimated for FY09 and FY10 by 13% and 9% each to take into account the H1FY09 performance. The stock is currently valued at 6.6x FY10E EPS and 1.2x FY10E ABV. We maintain our BUY rating with price target of Rs 1,700," says Emkay Global Financial Services' research report.

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Source: Moneycontrol

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