Brokerage firm Centrum Broking has initiated coverage on SBI Funds Management with a ‘Buy’ rating and a target price of Rs 700, implying an upside of around 34% from current levels. The brokerage has titled its investment thesis “Strong Franchise, Stronger Runway”, citing SBI AMC’s distribution network, leadership in B-30 markets, growing non-mutual fund businesses and relatively low operating costs as key drivers of its growth outlook.
SBI Funds Management shares ended at Rs 518 apiece on the NSE, down 0.94% from the previous close of Rs 522.90. The stock has traded in a range of Rs 517-524 during the session.
