SBI extends gains; Credit Suisse, Jefferies raise target price after earnings

Reuters Posted online: Monday, May 26, 2014 at 0000 hrs
Mumbai : Shares in State Bank of India (SBI) gain as much as 3 percent, adding to Friday's 9.6 percent jump, after earlier hitting their highest level since April 2011, as brokers raise target price and estimates on the stock, citing Jan-March earnings.

Jefferies raises its target price to 3,415 rupees from 2,875 rupees, while maintaining its "buy" rating on the stock, and Credit Suisse upgrades target price to 2,405 rupees from 2,049 rupees and maintains "neutral" rating on the stock.

The bank on Friday reported a drop in bad loans and market-beating quarterly net profit.

SBI shares were up 1 percent by 0400 GMT.