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Citigroup cuts State Bank of India target price

Citigroup cut its price target on State Bank of India to 2,650 rupees from 3,110 and said the near-term earnings outlook for the country's top lender remains clouded as it needs to catch up on loan-loss provisions.

business Updated: Jun 03, 2011 10:22 IST
Reuters

Citigroup cut its price target on State Bank of India to 2,650 rupees from 3,110 and said the near-term earnings outlook for the country's top lender remains clouded as it needs to catch up on loan-loss provisions.

Citigroup lowered its fiscal 2012 earnings estimate on SBI by 9 to 13% to account for moderation in loan growth, margins and asset quality. It, however, kept its "buy" rating on the stock.

In May, SBI posted an unexpected plunge in fourth quarter net profit, slammed by higher provisions, operating costs and taxes.

First Published: Jun 03, 2011 10:20 IST