KFin Tech Soars 14% to Record High Post Jefferies’ Bullish Coverage
By Malvika Gurung
Investing.com — Shares of the largest RTA in South East Asia, Kfin Technologies (NS:) soared 14.37% on Friday and hit a new record high of Rs 439.7 apiece in the session after the brokerage major Jefferies turned bullish on the stock.
The global brokerage Jefferies has initiated a ‘Buy’ call on KFin Technologies, setting a target price of Rs 500/share on it, indicating a potential upside of nearly 20% from the stock closing price on Friday.
The brokerage’s rationale for KFin Technologies is backed by the observation that KFin is a leading services provider to mutual funds as well as issuer solutions to listed companies.
The financial sector services provider enjoys market leadership, states Jefferies, adding that the financialisation of savings will benefit the company going ahead.
The stock is currently trading 29 times its financial year 2023-24 price-to-earnings (PE) estimates, which is at a discount compared to peers.
The company has been expanding its RTA and FA services aggressively in the international market, aiming for markets having a size 2.5 times that of India, Jefferies noted, as per a Moneycontrol report.
