BofA Merrill turns positive on Indian state-owned banks
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Last Updated: Tue, Jan 08, 2013 14:52 hrs
Bank of America Merrill Lynch upgraded State Bank of India, Bank of Baroda
The investment bank says upgrades come on the back of a steepening bond yield curve in the anticipation of RBI rate cuts, stronger-than-expected loan recoveries, and reduced quality pressures.
BofA Merrill also upgrades its price objectives for private banks, retaining ICICI Bank Ltd
"Private banks will likely continue to deliver structurally superior earnings and RoEs, especially over the medium term," BofA Merrill says in a note dated Tuesday.
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