SBI - Well-positioned; recovery in macro is another positive factor - Kotak

We maintain our positive view on SBI, our preferred idea among public banks. Our positive view is driven by (1) strong tier-1 ratio of 10%, (2) macro showing signs of improvement, (3) revenue growth showing upward traction and (4) costs growth to slow down in FY2015E as the new annuity tables would be completed. Maintain ADD with TP at Rs.2,050 (from Rs.1,800) as we roll forward our TP and estimates.

Source : Equity Bulls

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