JP Morgan downgrades Bank of India to 'Underweight'
Foreign brokerage JP Morgan cut its price target for PSU banks by 10% and downgraded Bank Of India to ``Underweight'' as wage inflation and mortality assumptions raise the risk of future provisions.
American investment bank Morgan Stanley today said it maintains the ``underweight'' rating on State Bank of India, with a target price of Rs 1,425 a share, as it sees asset quality issues at the nation's largest lender.