SBI Card shares slip after Q1 net profit falls 5% — should you buy, sell or hold stock?

SBI Card share price NSE, SBI Card share price target 2023: SBI Card shares slipped in morning deals on Monday, amid selling pressure in benchmark indices Sensex and Nifty50, after the SBI-promoted card issuance company reported a 5 per cent year-on-year drop in net profit to Rs 593 crore for the June quarter.

The stock fell as much as 3.7 per cent to Rs 825.2 apiece on NSE. SBI Card shares finished down 0.14 per cent at Rs 856 apiece on NSE.

SBI Card Q1 results 

After market hours on Friday, the company reported a net profit of Rs 627 crore for the April-June period. Its total income came in at Rs 4,046 crore for the June quarter as against Rs 3,263 crore for the corresponding period a year ago. Read more on SBI Card Q1 earnings 

SBI Card shares: Should you buy, sell or hold after Q1 results?

• CLSA maintained a 'reduce' call on SBI Card and raised its target price for the stock by Rs 100 to Rs 900  
• Morgan Stanley maintained an 'overweight' rating with a target price of Rs 1,155 
• JPMorgan maintained a 'neutral' call with a target price of Rs 900 
• Jefferies maintained a 'buy' rating with a target price of Rs 1,100 
• HSBC maintained a 'buy' call but cut its target price to Rs 990 from Rs 1,090 
• Macquarie retained an 'outperform' rating with a target price of Rs 1,030 
• Nomura maintained a 'reduce' call with a target price of Rs 700 

SBI Card shares: Past performance

SBI Card shares lost more than 10 per cent of their value in the last one year, in start contrast to a 14.3 per cent rise in the benchmark Nifty index.

As of July 30, the SBI Card stock had gained over 15 per cent in six months.

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