Jio Financial shares are trading at the 317.50 mark on Wednesday. It snapped its five-day losing streak by surging nearly 4 points in the day’s trade and rose 1.1% today. However, the brief spike is overshadowed by the dips as it fell from 359 to 317 in less than a month. The stock is attracting bearish sentiments as the broader markets remain under pressure in Q4 of this year.
Also Read: BRICS De-Dollarization Begins: 40 Countries To Attend 2024 Summit
Leading wealth management and equity derivative firm KR Choksey recently revised its price target for Jio Financial shares. The depository firm’s price prediction remains bullish despite the markets’ bearish mood this month.
Also Read: Amazon Stock : 96% of Analysts Give AMZN Buy Rating
Jio Financial Shares Revised Price Prediction: Target 345
Financial analysts from KR Choksey have given a ‘buy’ call for Jio Financial shares amid the market downturn. The firm wrote that investors could use the dips and accumulate the stock at discounted prices. The revised price prediction for Jio Financial shares stands at Rs 345.
Also Read: Walmart: Why WMT Got Boosted $85 Target, Outperform Rating
That’s an uptick and return on investment (ROI) of approximately 9% from its current price of Rs 317. Those are decent gains in the short term when the market recovers and heads into the greener spectrum.
“We value the NBFC based on its September 30, 2024, book value of INR 215.9 per share. Applying a P/BV multiple of 2.0x, we further discount the value by 20% for the Holdco to arrive at a revised Target Price of INR 345 per share (earlier INR 350). Given the 4.6% upside over CMP, we maintain our “HOLD” rating on the shares of Jio Financial Services Ltd,” read the prediction on the Jio Financial shares.
Also Read: Tesla Q3 Earnings To Make TSLA A Magnificent 7 Stock?
Sensex is having a rough time. The index stood at 85,000 in September but is now at 80,000 in October. That’s a reduction of 5,000 points in just a month. The losses are massive as the index is experiencing a slow crash. Jio Financial shares are caught in the crosshairs of the market crash, making their price head south.