Morgan Stanley, BofA-Merrill cut SBI target price

Morgan Stanley, BofA-Merrill cut SBI target price

Morgan Stanley cut its price target to 2,000 rupees from 2,450 rupees and said the stock was unlikely to perform when net interest margins were falling. It kept its "underweight" rating on the shares.

BofA-Merrill lowered its price target on SBI to 2,950 rupees from 3,400 rupees and maintained its "buy" rating on the stock.

On Tuesday, SBI, posted a net profit of 209 million rupees ($4.6 million) in the fourth quarter, versus 18.67 billion rupees a year ago, slammed by higher provisions, operating costs and taxes.

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