As the Q2 earnings season approaches, Jefferies has cut target prices for BSE, Turtlemint and several other non-lending financial stocks. The brokerage prefers Groww, Star Health, MCX, ICICI General Insurance, Max Financial, Nuvama and KFin Tech. Here’s a list of the non-lending financial stocks on which Jefferies has slashed its target prices.
Jefferies cut its target price for the shares of BSE to Rs 2,840 apiece from Rs 2,940 apiece, while maintaining its ‘Underperform’ rating on the stock. Lower VIX and CAS-related issues resulted in BSE's September 2026 option ADTO falling 15%, translating to 16% sequentially lower profit, the international brokerage said.
Jefferies cut its target price for CAMS to Rs 910 from Rs 960, while maintaining a 'Buy' rating. The brokerage noted CAMS is the leader in the Rs 20 billion RTA market, accounting for 4 out of the 5 largest mutual funds partners. This is a function of its tech, long-term relationships, and compliance focus, it added. “We expect revenue growth over FY26-29 to be led by MF AUM growing at 13% CAGR and non-MF businesses growing at 21%,” it said. While EBITDA margin has contracted in FY26, the brokerage expects a 140 bps recovery in FY27, led by recovery in MF RTA growth and improvement in non-MF business margin.
Jefferies cut its target price for Go Digit to Rs 350 from Rs 380, while maintaining a 'Buy' rating. Multi-line insurers continue to face intense competition in the fire and motor categories, limiting overall growth. Furthermore, loss ratios are expected to increase due to higher motor and natural catastrophe (Nat Cat) losses.
Jefferies cut its target price for HDFC AMC to Rs 2,950 from Rs 3,130, while maintaining a 'Buy' rating. It cut its FY27 EPS estimates by 6% due to lower MTM gains. Overall AMC September 2026 quarter profits are expected to be sequentially lower as MF AUM growth slows following the recent market sell-off.