Goldman Sachs upgrades Indian banks to ‘neutral’

Goldman Sachs, an American multinational bulge bracket investment banking firm, has upgraded Indian banks to “neutral” from “cautious” citing favorable risk/reward in public sector bank stock prices, as the gap between state-owned and private banks widens to a 10-year high.

The American investment banking firm has upgraded Punjab National Bank (PNB) to “buy” from “neutral”, and Bank of India (BoI) and Union Bank of India to “neutral” from “sell”, citing attractive valuations.

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