MUMBAI Jan 31 Barclays upgraded India's ICICI
Bank Ltd to "overweight" from "equalweight", and
lowered the State Bank of India to "equalweight" from
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
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