Centrum initiates Buy on SBI Funds Management with 34% upside target

Centrum Broking has initiated coverage on SBI Funds Management with a Buy rating and a target price of Rs 700, suggesting up to 34% upside from current levels.

The brokerage expects SBI AMC's extensive distribution network, strong presence in smaller cities, and expanding retail franchise to drive asset under management and earnings growth over the next three years. It also cited growth in non-mutual fund businesses as a positive factor.