Analysts raise their price targets on SBI

While some analysts cut their earnings expectations from SBI for FY23 following the disappointing quarter, others retained their bullish ratings citing cheaper valuations. Morgan Stanley said SBI’s valuations at one time FY24 book are attractive. CLSA increased its price target on the stock to factor in the higher price targets of its subsidiaries.

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The Nifty IT index tumbled 4.2% – the biggest loser among sector indices. Shares of Persistent Systems plunged 10%, while Coforge dropped nearly 8%. TCS,

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