Why has Nuvama downgraded SBI Cards but maintains target—What next for investors

SBI Cards’ stock price fell by 3% after Nuvama Institutional Equities downgraded the rating to ‘Hold’. However, the brokerage maintained its target price at Rs 1,025, implying a 9.5% upside. Nuvama stated that NIM stayed flat and credit costs missed estimates. The company’s management expects credit cost to decrease in FY26.