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BofA believes SBI Cards stock will rise 29% in next one year
The brokerage pegged the target price for the stock of the country’s second-largest credit card issuer at Rs 680, which implies 29 per cent upside from its current market price.

Mumbai: Bank of America Securities has initiated 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 per cent upside from its current market price.

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

Also, the firm’s diversified business model will help drive sustainable growth with effective credit risk analysis along with modern and scalable technology infrastructure.
For FY21, the brokerage factors in 4 per cent lesser credit card spend compared with a 5 per cent year-on-year (YoY) decline in industry spend during the Global Financial Crisis (GFC), and 75 per cent/ 350 basis points YoY rise in credit costs to Rs 2,400 crore /9.9 per cent, as seen during credit down-cycles in the US and Thailand and domestic trend in the GFC.

It said SBI backing should ensure no major liquidity issues.
SBI Cards was the most-talked about IPO in recent times, when it was launched early March. Despite the onset of the coronavirus pandemic, the IPO was subscribed 26 times. The shares were issued at Rs 755.

The stock saw tepid debut on March 16 amid souring market sentiment. Since then, the stock has eroded value and is down 30 per cent from its issue price.

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