Analyst optimism on State Bank of India reaches a 17-year high, shows data

Market watchers haven’t been this bullish on State Bank of India in almost two decades, as they bet on the lender’s improving asset quality to help it weather the pandemic.

Among 48 analysts who cover the stock, 47 recommend buy and only one has a hold rating — a ratio of 98 per cent that’s the highest since June 2004, according to data compiled by Bloomberg. The consensus 12-month price target calls for an 18 per cent gain, nearly double that for the benchmark S&P BSE Sensex Index.

Strategists expect India’s marquee lenders to withstand the impact of a slowing economy thanks