Buy PSU Bank Stock For Potential 37.07% Return, TP Rs 790: HDFC Securities

Leading brokerage firm HDFC Securities has recommended investors to buy State Bank Of India shares with target price of Rs 790 per share. Current market price of State Bank Of India stock on BSE is Rs 576.35 per share with intraday gain of 0.03% at the time of writing the story. SBI shares surged 9% in last 1-year and 194% in last 3-years. If you buy SBI stock now at current market price of Rs 576.35, you can get likely return of 37.07%.

According to the analyst, While SBI always had the natural advantage of brand recognition and scale, the bank has gradually added other competitive moats in the form of a prolific sourcing edge, a YONO-powered digital stack, an unparalleled lean distribution model, and a potent combination of cross-sell focus and competencies. Check details below

State Bank Of India Stock Outlook & Return: Current market price of SBI stock on BSE is Rs 576.35. Its 52-week high price is Rs 629.65 per share and 52-week low price is Rs 499.35 per share, respectively. The company's market capitalisation is Rs 5,14,146.89 crore. SBI shares declined 3.68% in last 1-month, rallied 8% in last 6-months, soared 17.50% in last 2-years and offered a rally of 88.55% in last 5-years.

State Bank Of India Financials: The bank for the quarter ended June 30, 2023 announced 178.24% YoY surge in its standalone net profit to Rs 16,884.29 crore as against Rs 6,068.08 crore announced in the corresponding quarter of last year. It was the 4th straight quarter of record profits for the leading government backed bank.

SBI Valuation: According to HDFC Securities, "We raise our two-year explicit period forecasts by 6-8% each to factor in a superior asset profile and maintain BUY with a revised TP of INR790 (earlier INR750; standalone bank at 1.4x Mar-25 ABVPS)."

State Bank Of India About: SBI About: State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai. The rich heritage and legacy of over 200 years, accredits SBI as the most trusted Bank by Indians through generations, according to its official website.

Disclaimer:

The stock has been picked from the brokerage report of HDFC Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.