BSE shares rose 5% during intra-day trading on Tuesday, continuing gains for a third session after Jefferies gave the stock a bullish outlook upon initiating coverage.
Jefferies has initiated coverage on BSE with a ‘buy’ rating and a price target of ₹2,700, indicating a potential upside of 24%. The brokerage believes that the stock’s lower forward P/E ratio compared to other market players makes it an attractive investment opportunity.
The stock has been performing extremely well lately, with a rise of up to 5% to its intra-day high of ₹2,280. Over the last three sessions, it has advanced over 9%, indicating strong momentum. It has delivered multibagger returns in the last one year as well as in 2023 YTD. In fact, BSE has surged by almost 280% in the last one year and over 318% in 2023 YTD.
The stock has been rising continuously for the past eight months, recording over 22% gains in November alone. Between April and November, it rallied an impressive 474%. However, it was in the red for the first three months of the current calendar year, declining by 5.8% in January, 14.16% in February, and 2.22% in March.
The stock hit a record high of ₹2475 earlier this month, on November 20, 2023. It has surged by 509% from its 52-week low of ₹406.20, which was hit on March 28, 2023. The global brokerage maintains a bullish view on BSE and predicts a substantial 150% increase in earnings for the stock in the fiscal year 2024, with a doubling effect expected by the fiscal year 2026
