JPMorgan on SBI (Management Meeting):
Maintains an “Overweight” rating with a target price of ₹1,000.
Confident about growth and asset quality, with Return on Assets (ROA) staying between 1-2%.
Aims for 13-15% growth in FY25, supported by favorable exposure to growing sectors.
No immediate need for capital, thanks to flexibility with AT1 bonds, gains from its investment portfolio, and strong profitability.
Private sector capital expenditure is improving but still lags behind the overall system.
For FY26, the stock offers value with a Price-to-Book ratio of 1x.
Credit costs are expected to remain low.
