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Investing.com - Jefferies initiated coverage on Bajaj Finserv Ltd (NSE:BJFIN) with a Buy rating and a price target of INR2,420.00 on Wednesday.
The research firm expects Bajaj Finserv, which holds the group’s financial businesses, to benefit from several positive factors including lower rates at Bajaj Finance (NSE:BJFN) (BAF), improving profitability at Bajaj Allianz (ETR:ALVG) Life Insurance (NSE:LIFI) Company (BALIC), and profitable growth along with motor third-party premium hikes at Bajaj Allianz General Insurance Company (BAGIC).
Jefferies also noted that new ventures including mutual fund, healthcare, technology, and ventures businesses could add option value to the company’s portfolio.
The firm anticipates limited impact from the exit of Allianz and the entry of Jio Financial Services into the market, suggesting Bajaj Finserv’s competitive position remains strong.
Jefferies projects a 22% compound annual growth rate (CAGR) in core earnings for Bajaj Finserv, supporting its positive outlook on the stock.
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