Barclays upgrades ICICI bank, SBI bank downgraded

Comments 0
Barclays viewed ICICI's credit quality outlook for fiscal years 2014 and 2015. (Reuters) Barclays viewed ICICI's credit quality outlook for fiscal years 2014 and 2015. (Reuters)
SummaryBarclays viewed ICICI's credit quality outlook for fiscal years 2014 and 2015.

Barclays upgraded India's ICICI Bank Ltd to "overweight" from "equalweight", and lowered the State Bank of India to "equalweight" from "overweight."

Barclays said it viewed ICICI's credit quality outlook for fiscal years 2014 and 2015 "significantly more positively" due to reduced credit stress, and raised the Indian lender's price target to 1,310 rupees from 970 rupees.

However, Barclays downgraded SBI because of recent gains in its share price, noting also that credit stress could remain "elevated" due to the Indian state-run lender's exposure to midsized companies.

Still, Barclays raised SBI's price target to 2,450 rupees from 2,380 rupees, calling SBI its preferred pick among Indian public sector banks.

Ads by Google

More from Markets

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...