SBI Cards falls after Goldman Sachs says ‘Sell’

SBI-Cards

Shares of SBI Cards and Payment Services fell more than 2% after CNBC-TV18 reported that brokerage firm Goldman Sachs has initiated coverage on the scrip with a ‘Sell’ rating and a price target of Rs. 654, implying downside of 29%.

The brokerage is among the first institutional brokers to initiate a ‘Sell’ call on the stock and believes rich valuations of the company have made risk-reward ratio unfavourable.

While Goldman Sachs acknowledged that the company has managed the COVID-19 situation well, it also said that there are several headwinds for the credit card company going ahead.

SBI Cards & Payment Services was quoting at Rs 906.10, down Rs 22.10, or 2.38 percent.

News Source:- Moneycontrol

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