Macquarie reduces its target prices for SBI Life Insurance and PB Fintech, while increasing its targets for Life Insurance Corporation (LIC) and ICICI Lombard.

Macquarie, a brokerage firm, has released its latest outlook on the Indian financial sector. The firm has downgraded SBI Life Insurance from “Overweight” to “Neutral” with a reduced target price of ₹1,435, and PB Fintech from “Neutral” to “Underweight” with a target price cut to ₹1,530. On the other hand, it has upgraded LIC from “Neutral” to “Overweight” with a target price rise to ₹1,215, and ICICI Lombard from “Neutral” to “Overweight” with a target price hike to ₹2,255. Macquarie expects FY26 to see better loan growth and steady performance, with moderate margin decline and stable credit costs. The firm also highlights select risk-reward opportunities for Non-Bank Finance Companies (NBFCs), but insurance companies face a regulatory overhang. Macquarie’s top picks in the sector include HDFC Bank, ICICI Bank, Aditya Birla Capital, PFC, and Shriram Housing Finance.