Retains 'buy' rating on SBI, revising the target price to ₹1,350. The firm anticipates healthy broad-based growth, supporting a normalized ROA/ROE of ~1.0%/~15% (excluding one-off gains). Valuation is based on 1.4x Jun-28E ABV for SBI and ₹352/share for subsidiaries/investments. Key risks include macroeconomic slowdown impacting growth/asset quality and higher treasury losses.
SBIBullishCalled 10 Aug 2026
Verdict:PENDING

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