Citi re-initiates coverage on SBI with ‘buy’ rating, sets Rs 1,050 target price

Citi has re-initiated coverage on State Bank of India (SBI) with a ‘Buy rating and a target price of Rs 1,050, citing strong credit growth, improved returns, and operational efficiencies. The brokerage expects FY26–FY27 loan growth of 13–14%, NIMs of 2.8–2.9%, and ROE of 14–15%. Risks include asset slippages, lower NIMs, and higher credit costs.