SBI share price target, earnings estimates raised by multiple analysts after Q2 results

Shares of India's largest lender, State Bank of India (SBI) are likely to test levels of as high as ₹1,170, over the next 12 months, according to the highest price target given by analysts tracking the stock.

50 analysts have coverage on SBI currently, out of which 41 of them have a "buy" rating on the stock, eight say "hold", while one has a "sell" rating.

The consensus estimate of price targets implies a potential upside of 8.6% from current levels.

CLSA

CLSA has the highest target now on SBI, maintaining its "accumulate" rating and increasing its target to ₹1,170 from ₹1,050 earlier.

HSBC

HSBC also features among those analysts who expect the stock to cross ₹1,100 levels, as its "buy" recommendation comes with a revised price target of ₹1,110 from ₹960 earlier.

The brokerage stated that healthy loan growth and a stronger revenue trajectory are key positives, along with stable asset quality.

HSBC has upgraded SBI's Earnings per Share (EPS) estimates by 6% to 9% for financial year 2026-2028 to reflect higher loan growth, margins and fees.

A stronger core Pre-Provisioning Operating Profit trajectory warrants higher multiples, HSBC wrote in its note.

Nomura

Nomura has raised its price target on SBI to ₹1,100 from ₹980 earlier. It has raised SBI's financial year 2026 Earnings Per Share (EPS) estimates by 6% due to one-off gains and EPS estimates for financial year 2027-2028 by 3% to 5% due to better margins and loan growth.

The brokerage expects SBI to delivery RoA and RoE of 1.1% and 16% over financial year 2027 and 2028, while a higher RoE outlook has resulted in an increase in the lender's target multiple.

Jefferies

Jefferies has raised its price target on SBI to ₹1,140 from ₹970 earlier. The brokerage said that SBI may look to monetise its stake in SBI Asset Management Company and / or SBI General Insurance going forward.

Citi

The brokerage, which recently resumed coverage on SBI, has marginally raised its target to ₹1,110 from ₹1,050 earlier, while maintaining its "buy" recommendation.

While it expects the ECL impact to be minimal, but the management has highlighted value unlocking opportunities from two potential listings, either of its AMC business or of its General insurance business.

Shares of SBI ended 0.6% higher on Tuesday, recovering from the lows of the day after the results announcement. The stock is trading at record high levels.