Citigroup downgrades SBI

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Citigroup has cut price target on State Bank of India to Rs 2,650 from Rs 3,110 and said the near-term earnings outlook for the country's top lender remains clouded as it needs to catch up on loan-loss provisions.
Citigroup lowered its fiscal 2012 earnings estimate on SBI by 9-13% to account for moderation in loan growth, margins and asset quality. It, however, kept its "buy" rating on the stock.

In May, SBI posted an unexpected plunge in fourth quarter net profit, slammed by higher provisions, operating costs and taxes.

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