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Stock watch: PB Fintech surges in flat market as brokerages see 50% upside

In Q2, the company’s consolidated loss narrowed to Rs 186.63 crore compared to Rs 204.44 crore loss registered in the same quarter last year

November 18, 2022 / 03:37 PM IST
Stock Market, Dalal Street News

Stock Market, Dalal Street News

 
 
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While benchmark indices struggled to find direction on November 18, the share price of PB Fintech, the owner of Policybazaar, gained more than 8 percent in trade. At 2:30 pm, the stock was quoting at Rs 402 on the NSE, up by 8.2 percent.

Trading volumes of 16 million shares were four times higher than the 20-day average volumes of 4 million shares.

Foreign brokerages expect a 50 percent upside in the stock. Morgan Stanley has an Overweight rating with a target price of Rs 620 per share. The management has reiterated its profit guidance of Rs 1,000 crore for FY27, and that is what makes Morgan Stanley bullish. “Management has also highlighted its cash losses are near zero,” noted the brokerage.

Initiating coverage on the stock, CLSA has a Buy rating with a target price of Rs 600 apiece. “We expect more than 10 percent compounded annual growth rate (CAGR) in the broader insurance industry over 15 years and see PB Fintech as a key beneficiary of the growing share of online insurance distribution,” it noted.