Barclays upgrades ICICI Bank, SBI downgraded

MUMBAI Thu Jan 31, 2013 10:02am IST

People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai November 9, 2009. REUTERS/Arko Datta/Files

People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai November 9, 2009.

Credit: Reuters/Arko Datta/Files

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MUMBAI (Reuters) - 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)

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