Macquarie Upgrades SBI, Paytm, SBI Life; Downgrades Bandhan, SBI Card

• Macquarie upgraded State Bank of India (SBI) to 'Outperform' with a price target of ₹1,150, implying a 15% upside.
• Paytm was upgraded to 'Neutral' with a price target of ₹1,265, suggesting a 2% downside.
• HDFC Life Insurance Company and SBI Life Insurance Company also received 'Outperform' upgrades with increased price targets.
• Bandhan Bank was downgraded to 'Underperform' with a price target cut to ₹130, indicating a 10% downside.
• SBI Cards and Payment Services was downgraded to 'Underperform' with a price target of ₹750, implying a 13% downside.

Why It Matters: Macquarie revised ratings for several Indian financial stocks, favoring PSU banks and life insurers.