Nomura has reiterated its ‘Buy’ rating on State Bank of India (SBI), setting a target price of ₹1,050 per share, indicating a potential 25% upside from the current market price (CMP) of ₹841.10. The brokerage has raised its FY25-27 earnings per share (EPS) estimates by 4-7%, citing sector-leading loan growth and healthy quarter-on-quarter deposit growth. Additionally, both core pre-provision operating profit (PPoP) and profit have surpassed Nomura’s estimates, and the current valuations for the core bank are considered attractive.
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