Wed. Jan 27th, 2021

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SBI cards stock will surge by 29% within a year, claims BofA

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India’s ally America has already put its hand forward to help. Bank of America Securites has started coverage of SBI Cards & Payment Services with a ‘buy’ rating, citing strong long-term prospects backed by a diversified model.

The brokerage pegged the target price for the stock of the country’s second-largest credit card issuer at Rs 680, which implies 29% upside from its current market price.

At 11:05 hours (IST) on Wednesday, SBI Cards shares traded 0.43 per cent higher at Rs. 527.85 a share.

“After factoring the near-term impact of Covid-19, we see strong long-term growth supported by SBIC’s diversified model,” BofA Securities said in a note.

The brokerage said its ‘buy’ rating was premised on under-penetration of the credit card industry with SBI Cards being the only listed pure-play credit card company, with the ability to cross-sell to SBI’s vast customer base through Project Shikhar.


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