CLSA sees 46% upside in SBI stock; raises target price to Rs 360

The recent upward revision in target price by CLSA factors in two key developments for SBI - potential upside in earnings and limited downside risks to capital adequacy

Shares of State Bank of India (SBI) advanced as much as 4.8 per cent to Rs 259 on the BSE on Thursday after foreign brokerage CLSA increased its target price on the stock to Rs 360 from Rs 330. The target price reflects 46 per cent upside from the current market price.
 

In its report dated December 2, CLSA noted that stock of the state-owned lender still holds value despite rallying 29 per cent in the past four months relative to the benchmark S&P BSE Sensex’s around 19 per cent rally. 
 

"SBI has moved up over 25 per cent in