SBI extends gains; brokers raise target price after earnings

Reuters Market Eye - Shares in State Bank of India gain as much as 3 percent, adding to Friday's 9.6 percent jump, after earlier hitting their highest level since April 2011, as brokers raise target price and estimates on the stock, citing Jan-March earnings. Jefferies raises its target price to 3,415 rupees from 2,875 rupees, while maintaining its "buy" rating on the stock, and Credit Suisse upgrades target price to 2,405 rupees from 2,049 rupees and maintains "neutral" rating on the stock. The bank on Friday reported a drop in bad loans and market-beating quarterly net profit. SBI shares were up nearly 1 percent at 9:58 a.m. (Reporting by Abhishek Vishnoi)