Credit Suisse cuts SBI target price, earnings per share

Credit Suisse has cut its target price of State Bank of India to 2,180 rupees from 2,483.07 rupees, but has maintained its 'neutral' rating on the stock as it expects profitability to continue to be under pressure for the country's largest lender.

Credit Suisse has cut its target price of State Bank of India to 2,180 rupees from 2,483.07 rupees, but has maintained its 'neutral' rating on the stock as it expects profitability to continue to be under pressure for the country's largest lender.

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"Post 1Q earnings miss and a slowdown in fees, higher tax rate and treasury loss, we reduce our FY12 and FY13 earnings per share estimate by 13% and 4% respectively," Credit Suisse said in a note on Friday.

It forecasts FY12-13 credit costs at 1.1-1% for the bank.