India's Motilal Oswal rises as UBS initiates coverage with 'buy'
BUZZ-India's Motilal Oswal rises as UBS initiates coverage with 'buy' ** India's Motilal Oswal Financial Services MOFS.NS up 5.05% to 873.60 rupees
** UBS initiates coverage with "buy" rating, sets TP of 1,150 rupees apiece, which is the second-highest on the street after Investec Bank's 1,250 rupees
** TP implies an upside of 38.3% from the stock's last closing price
** UBS notes that MOFS is well positioned to capitalize on India's structural financialization, with its exposure to high-growth AUM pools from wealth and asset management
** Motilal transitioning to an AUM-led, annuity-driven model where growth is linked to client assets and not transaction volumes
** Brokerage notes the market under appreciates MOFS' shift to higher quality, recurring wealth and distribution earnings, and reduced dependence on broking cyclicality
** YTD, stock up 1.9%
(Reporting by Saikeerthi in Bengaluru)
((Saikeerthi@thomsonreuters.com; (+91) 8296756080))
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