The Goldman Sachs Group is a leading Global Financial Institution delivering a wide array of financial services to a diversified client base including corporations, governments, financial institutions, and individuals. According to the latest data available, the company publicly holds 37 stocks with a networth of over Rs 5,000 crores.
In the past year, the Nifty Bank index delivered a return of more than 17 percent, and the Banks, on their front, reported a stellar performance with returns of 46 percent, 26 percent, and 60 percent respectively.
Recently, the brokerage downgraded three Bank stocks under the ‘large-cap’ category, viz, State Bank of India, ICICI Bank, and Yes Bank. The brokerage mentioned that the major challenges for the Banks include rising pressure on the cost of funds and growing concerns about rising consumer leverage posing potential asset quality challenges.
Listed below are the Bank stocks in which the international brokerage firm provided a downgrade by up to 40 percent:
State Bank of India
With a market capitalization of Rs 6.78 lakh crores, the stocks of State Bank of India opened their trading hour on Friday at Rs 766.85 and currently trade at Rs 759.80, slipping approximately 0.80 percent compared to the previous close of Rs 765.95.
Goldman Sachs downgraded its target on the company’s stock with a target price of Rs 741 indicating a dip of around 2.50 percent compared to the prevailing stock price level.
ICICI Bank Limited
With a market capitalization of Rs 7.45 lakh crores, the stocks of ICICI Bank Limited opened their trading hour on Friday at Rs 1,069 and currently trade at Rs 1,061.05, slipping approximately 0.30 percent compared to the previous close of Rs 1063.65.
Goldman Sachs downgraded its target on the company’s stock with a target price of Rs 1,086 indicating a dip of around 2.40 percent compared to the prevailing stock price level.
Yes Bank Limited
With a market capitalization of Rs 75,568.53 crores, the stocks of Yes Bank Limited opened their trading hour on Friday at Rs 26.93 and currently trade at Rs 26.25, slipping approximately 3.50 percent compared to the previous close of Rs 27.16.
Goldman Sachs downgraded its target on the company’s stock with a target price of Rs 16 indicating a dip of around 40 percent compared to the prevailing stock price level.
Written by Amit Madnani
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