Shares of the Sanjiv Bajaj-led company advanced 2.38% on the NSE on Thursday to close at its two-month high of ₹6,200 per share. More than 29 lakh shares were traded on the BSE and NSE, up 2.6 times its combined average daily volume for the last one month.
The consensus price target increased by 2.1% to ₹7,095.9 per share, Bloomberg data showed. This implies an upside of 14.5% from Thursday’s closing level.
CLSA remained bullish on the stock but preferred to play banks over Bajaj Finance. The brokerage said: “Street worry over management change and future structure could limit rerating”.
Goldman Sachs said fourth quarter earnings were in line. “Management has given growth guidance of 28-29% and said it would maintain its ROAs at c.4.9% (lowest since 4Q 22) even though NIMs (net interest margins) would be under pressure,” the US brokerage said in a note to clients. Of the 26 analysts who reviewed Bajaj Finance’s earnings, 14 have maintained their ‘buy’ or ‘outperform’ rating. 4 have a ‘sell’ or ‘underweight’ rating while 8 of them are neutral, showed a Bloomberg poll.
JP Morgan maintained its price target and anticipates a 45% upside from current levels. Bajaj Finance demonstrated strong trends in customer acquisition and new loan trajectory, said Motilal Oswal Financial Services.
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