Moneyview shares rose around 4% on Wednesday after Bank of America (BofA) initiated coverage on the digital lending fintech platform with a Neutral rating, flagging limited upside following a sharp rally since its stock market debut.
BofA Securities has set a price objective of ₹65 per share, compared with the stock's reference price of ₹54.95 in its initiation note, implying an upside potential of around 18%. The brokerage said Moneyview has several growth drivers in placebut believes its valuation already reflects much of the optimism following the stock's strong post-listing performance.
Moneyview shares have gained around 58% from their IPO price of ₹34, significantly outperforming the Nifty, which has risen about 9.5% over the same period, according to BofA.
Moneyview share price today opened at ₹52.29 apiece on the BSE, the stock touched an intraday high of ₹53.70 apiece, and an intraday low of ₹51.55 per share.
Technical analysts said Moneyview listed on 1 October at ₹55, against its IPO price of ₹34, and touched a post-listing high of ₹65.50. The stock has since retraced, although buying interest has emerged at lower levels. Going ahead, it could move towards its previous high of ₹65.50. On the downside, the ₹45.80 level is expected to act as immediate support.