SBI has crossed its decade-old resistance; set to hit Rs 800 levels

The stock hit a lifetime high of Rs 408 apiece in intraday deals on Friday, up 15 per cent on the BSE, as against a 0.7 per cent rise in the S&P BSE Sensex

State Bank of India (SBI) on Thursday reported better-than-expected results for the December 2020 quarter (Q3FY21) on the back of healthy asset quality, fewer fresh slippages, and lower-than-projected rise in provisions.

Most fundamental analysts remain bullish on the prospects of the bank, and expect it to do well in the coming years.

"On the back of lower credit costs, we raise FY22-23 earnings forecasts by 30 per cent and expect SBI to achieve return on equity (ROE) of 11 per cent. SBI is a preferred recovery play in India and we maintain our Buy rating with a revised price target of Rs