Shares of SBI Cards and Payment Services surged to an 11-month high on Friday, reaching Rs 808.25 per share on the NSE, marking a 5.28% increase. This notable rise follows an upgrade from global brokerage Goldman Sachs, which raised its recommendation from ‘Sell’ to ‘Buy’ and increased its price target.
Goldman Sachs has set a new price target of Rs 913 per share for SBI Cards, up from the previous target of Rs 652. This positive revision is driving significant investor interest and contributing to the stock’s peak performance in nearly a year.
In contrast, Goldman Sachs has downgraded its outlook for the State Bank of India (SBI), shifting its recommendation from ‘Neutral’ to ‘Sell.’ The brokerage has also reduced its price target for SBI from Rs 841 to Rs 742, citing several challenges facing the state-run lender.
This upgrade for SBI Cards highlights the firm’s improved financial outlook and investor confidence, contrasting with the broader challenges facing SBI.
