MUMBAI Barclays upgraded ICICI Bank Ltd(ICBK.NS) to "overweight" from "equalweight", and lowered the State Bank of India(SBI.NS) to "equalweight" from "overweight."
Barclays said it viewed ICICI's credit quality outlook for fiscal years 2014 and 2015 "significantly more positively" due to reduced credit stress, and raised the Indian lender's price target to 1,310 rupees from 970 rupees.
However, Barclays downgraded SBI because of recent gains in its share price, noting also that credit stress could remain "elevated" due to the Indian state-run lender's exposure to midsized companies.
Still, Barclays raised SBI's price target to 2,450 rupees from 2,380 rupees, calling SBI its preferred pick among Indian public sector banks.
(Reporting by Manoj Dharra and Rafael Nam; Editing by Jijo Jacob)
Trending On Reuters
Some 30,000 Indian soldiers guarding the border with Bangladesh have a new mandate under Prime Minister Narendra Modi's government this year - stop cattle from crossing illegally into the Muslim-majority neighbour. Full Article