Shares of SBI Life hit a 52-week high on Thursday as brokerages raised their target price for the company after it delivered an upbeat first quarter earnings.

What Happened: SBI Life reported a 36% year-on-year jump in its net profit to ₹519.5 crore. The company's annualised premium equivalent (APE) was up 20% and value of new business (VNB) rose 12%.

Brokerage Views: Nomura had a "buy" recommendation on SBI Life Insurance with a target price of ₹1,835 after Q1 results showed the insurer had a stable quarter.

Kotak Securities retained a "buy" rating and raised the target price to ₹1,900 on expectations of improving momentum. The company is expected to steadily reach its growth guidance of 18%-20%, the brokerage said.

See Also: Axis Bank Shares Plunge As Brokerages Cut Target Price After Q1 Results Missed Expectations

Nuvama also maintained its "buy" rating on the stock with an increased target price of ₹1,940. The brokerage increased its APE growth assumptions for the firm, banking on strong market conditions. 

Motilal Oswal reiterated its "buy" call with a target price of ₹1,900. The company's APE and VNB metrics were in line with the brokerage's estimates. Motilal Oswal appeared bullish about the firm's performance and expects to see a recovery in the second and third quarter with new product launches in the protection segment.

ICICI Securities had a "buy" rating on SBI Life and raised its target price to ₹1,978 over optimism in its distribution and cost structure.

The company's wide customer base is also likely to make it least vulnerable to regulatory changes in terms of lower tax exemptions or higher surrender value, ICICI said. New product launches in retail protection and improved traction in SBI digital channel, YONO, are expected ride its growth in the near term, it added.

Price Action: SBI Life's shares were up 1.15% at ₹1,651.65 on Thursday morning.

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