Citi Sets Target Prices for BoB, SBI, and PNB

"The global brokerage firm CLSA has improved its rating on Vedanta shares from ‘sell’ to ‘underperform’ and increased the target price from Rs 230 to Rs 260. This change comes as Vedanta outlined a target for earnings before interest, tax, depreciation, and amortisation (EBITDA) of $6-7.5 billion by FY25-27 through capacity expansion.

In the past three months, Vedanta’s stock has risen by 13%, outperforming the benchmark Sensex, which increased by 10%. On May 29, 2023, Vedanta shares reached a 52-week high of Rs 301.

Earlier, analysts at Phillip Capital had upgraded Vedanta to a ‘buy’ rating with a target price of Rs 330 per share, up from Rs 290. They believed that the company would avoid default and enhance operating performance through cost optimization and improved LME."