After the shocking fourth quarter results, the State Bank of India management says they are scaling down growth projections and may see some deceleration. Most brokerages cut their price target after the disappointing results.



Here is a lowdown.



Morgan Stanley:  Underweight

• Price target cut to Rs 2000 from Rs 2450
• 17% downside seen from current levels
• Expect NIMs to reduce to 2.8%

JP Morgan: Overweight

• Price target reduced to Rs 3000 from Rs 3200
• Should improve margins in FY12
• Likely to turnaround in FY12
• Lower employee costs and pension hits being taken

CITI: Buy

• Accumulate on further weakness
• Target of Rs 3110
• NIMs to pick up
• Much of the pain is behind us
• Could be some near term pressures

UBS:  Maintain Buy

• Lower target to Rs 2900 from Rs 3150
• Weak earnings on account of balance sheet clean up due to change in CEO
• Should improve in coming quarters

Macquaire: Maintain Neutral

• FY12 profit growth likely to be healthy
• Near-term pressures to remain on margins
• Lower target to Rs 2450 from Rs 2750

Credit Suisse: Neutral

• Cut FY12-13 EPS by 17-19% on lower NIMs, additional provisions and slower growth
• Target price cut to Rs 2,499

Bank of America-Merrill: Maintains Buy

• Lowers target price to Rs 2950 from from Rs 3,400

Goldman Sachs: Upgrades to Neutral from Sell

• Cuts the 12-month price target to Rs 2,650 from Rs 2,700.