India's SBI Funds Management rises as BofA, HSBC initiate coverage with 'buy'
BUZZ-India's SBI Funds Management rises as BofA, HSBC initiate coverage with 'buy' ** Asset management services provider SBI Funds Management SBIA.NS shares rise 1.9% to 574.9 rupees
** BofA Global Research initiates coverage with "Buy" rating and a PT of 685 rupees, a 21.5% upside to the stock's last close
** BofA says SBI Funds' industry-leading cost efficiency means even modest yield expansion could drive stronger earnings growth
** HSBC Global Investment Research initiates coverage with "Buy" rating and a PT of 660 rupees, representing a 17.1% upside to the stock's last close
** HSBC says co's access to parent State Bank of India's SBI.NS large, underpenetrated customer base should keep pipeline growth healthy
** Says shares trading at discount to peers and sees scope for valuation re-rating with an expected recovery in AUM growth and improving profitability
** Stock down 5.7% since its trading debut on July 21
(Reporting by Abhinav Parmar in Bengaluru)
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