India's Can Fin Homes jumps nearly 5% after Jefferies hikes target price

Can Fin Homes

07/06/2023 07:01

** Shares of Can Fin Homes Ltd  CNFH.NS  rise as much as
4.73% to a record high of 751.90 rupees
    ** Global brokerage firm Jefferies reiterates "buy" rating
on the housing finance firm; raises target price to 850 rupees
from 705 rupees, an implied upside of 19%
    ** Jefferies TP is the second-highest among the 15 analysts
tracking CNFH
    ** Co targeting 18%-20% loan growth in FY2024, brokerage
says
    ** Adds CNFH has adequate provisions to absorb slippages and
expects net interest margins (NIMs) to surprise positively
    ** Raises FY2024 and FY2025 earnings estimates by 1%-2%,
citing steady asset quality
    ** Relative strength index of CNFH is 81, suggesting that
the stock may be overbought
    ** Trading volume is 1.22 mln shares as of 11:15 a.m. IST,
1.7 times the 30-day avg - Refinitiv data
    ** Of the 15 analysts tracking CNFH, 12 maintain "buy", one
suggests "sell" and two recommend "hold"; median TP is 719
rupees - Refinitiv 
   
    
    
       

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))