Brokerages raise SBI target price after Q1 earnings beat

Mumbai: State Bank of India shares fell 2.2% on Monday, underperforming a largely flat market, even after the country's largest lender's June-quarter earnings came in above analyst expectations.Read more: Indian equities could hit new highs next year: Aditya Birla MFThe stock closed at ₹1,072 even as most brokerages retained their positive stance on the lender following the results. Several firms, including Citi, HSBC, CLSA and JP Morgan, raised their target prices, while maintaining bullish recommendations.Agenciesconsensus price implies 17% upside, but stock fallsThe consensus 12-month target price stands at ₹1,255.14, implying an upside of about 17.1% from Monday's closing price of ₹1,072.