Shares of PB Fintech – which owns Paisabazaar and Policybazaar – remained resilient at the bourses even as the markets dipped sharply at open on Monday.
What Happened: Morgan Stanley maintained its ‘overweight’ rating on the stock with a price target of ₹705- a close to 20% upside from the stock’s last closing price of ₹590.40. The global analyst firm said that the fintech’s increasing franchise strength will help keep market spending lower. The firm also highlighted that the company reiterated its target of achieving ₹1,000 crore profitability by FY2027 and breakeven adjusted EBITDA in Q4FY23.
The NBFC reported a loss of ₹87 crore in the December quarter, but revenue saw a 66% jump year-over-year to ₹610 crore. Domestic brokerage firm ICICI Securities maintained its ‘buy’ rating on the stock with a price target of ₹600 after the Q3 results. Shares of the company have jumped closed to 20% in the past month but still, remain much lower than its IPO price of ₹980.
Price Action: At the time of writing, shares of PB Fintech were up 0.09% to trade at ₹590.95.
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