BSE shares rose 5% as Jefferies initiated coverage, forecasting a 24% upside with a 'buy' rating and a ₹2,700 target price. Jefferies finds the stock attractive due to its lower forward P/E ratio.
BSE has shown strong performance, gaining almost 280% in the past year and over 318% in 2023 YTD. The report remains bullish, expecting a substantial 150% earnings increase in FY2024, doubling by FY2026.
Jefferies emphasizes Indian exchanges as compelling investments, insulated from fee compression risks, and benefiting from a surge in derivatives trading.