State Bank of India – Co. has been downgraded to ‘sell’ from and a ‘buy’ by UBS. The investment bank cited, weak monsoon to add to its non-performing loans and also expected margins to decline on account of rising cost of funds and potential cut in lending rate.
UBS also lowered co.’s FY 12 and FY 14 earnings forecast by13 per cent. Price target for 12 months reduced to INR 1,800. (Economic Times)
Categories: General News