Jefferies has reiterated its ‘Buy’ rating on State Bank of India (SBI), setting a target price of ₹1,030 per share, indicating a potential 22% upside from the current market price (CMP) of ₹841.10. The brokerage highlights stable asset quality as a key positive for the bank. However, Jefferies notes that to support the targeted loan growth, SBI’s deposit growth needs to be in the range of 11-12%.
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