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SBI Stock Dives Despite Beating Earnings
11 Aug
Summary
- SBI shares declined 2.2% on Monday, underperforming the market.
- June-quarter earnings surpassed analyst expectations.
- Brokerages maintained positive outlook, raising target prices.
State Bank of India (SBI) shares saw a 2.2% decrease on Monday, trading below a largely flat market. This decline occurred despite the financial institution reporting June-quarter earnings that surpassed analyst expectations. The stock closed at ₹1,072, with many brokerages maintaining a bullish outlook following the results.
Several prominent firms, including Citi, HSBC, CLSA, and JP Morgan, responded by raising their target prices for SBI. This sustained positive sentiment from analysts is contrasted by the recent market performance of the bank's stock. The consensus 12-month target price for SBI stands at ₹1,255.14, implying a potential upside of approximately 17.1% from its Monday closing price.
