BofA Merrill turns positive on Indian state-owned banks

By Abhishek Vishnoi

Reuters Market Eye - Bank of America Merrill Lynch upgraded State Bank of India , Bank of Baroda , and Oriental Bank of Commerce Ltd to 'buy'.

The investment bank says upgrades come on the back of a steepening bond yield curve in the anticipation of RBI rate cuts, stronger-than-expected loan recoveries, and reduced quality pressures.

BofA Merrill also upgrades its price objectives for private banks, retaining ICICI Bank Ltd as its top pick, and HDFC Bank Ltd and Axis Bank Ltd

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