Bernstein has reiterated its ‘Market Perform’ rating on State Bank of India (SBI), setting a target price of ₹810 per share, indicating a potential 4% downside from the current market price (CMP) of ₹841.10. The brokerage notes that SBI’s Return on Assets (RoA) remains above 1%, with Earnings Per Share (EPS) growth at a robust 28% year-over-year. A significant positive is the absence of major asset quality deterioration. However, core profitability metrics have weakened, with the Net Interest Margin (NIM) declining by 8 basis points quarter-over-quarter.
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