Jefferies on SBI Switch to HOLD from BUY Target Price Rs 600 from Rs 550 Asset quality strong Stock up 90% YTD, growth is needed for next leg of returns We dont see loan growth improving until SBI is okay to grow SME and/or large-corp. demand picks-up We expect slight pick-up in loan growth from current levels and see 9% Cagr over FY21-24E, lower than key private bank peers Reported slippages are understated by netting-off from recoveries Raise our FY22-23 EPS by 13-15% Growth uptick to drive next of stock returns; till clarity emerges we switch from Buy to Hold 6.3K views17:50
