UBS has maintained a Sell rating on State Bank of India shares, setting a price target of INR 760, despite a third-quarter profit after tax of Rs 168.9 billion that exceeded expectations. Concerns include declining net interest margins and rising credit costs, alongside a lower core pre-provision operating profit compared to large private banks.Goldman Sachs also holds a Sell rating but has raised its price target to INR 780, citing potential challenges in loan growth and an anticipated increase in credit costs, particularly in the MSME and agriculture sectors. The bank's valuations have been re-rated, focusing on the narrowing spread between return on equity and cost of equity.