Jefferies cuts target prices for BSE, Turtlemint & other stocks ahead of Q2 results. Check list

As the Q2 earnings season approaches, Jefferies has cut target prices for BSE, Turtlemint and several other non-lending financial stocks. The brokerage prefers Groww, Star Health, MCX, ICICI General Insurance, Max Financial, Nuvama and KFin Tech. Here’s a list of the non-lending financial stocks on which Jefferies has slashed its target prices.

Jefferies cut its target price for the shares of BSE to Rs 2,840 apiece from Rs 2,940 apiece, while maintaining its ‘Underperform’ rating on the stock. Lower VIX and CAS-related issues resulted in BSE's September 2026 option ADTO falling 15%, translating to 16% sequentially lower profit, the international brokerage said.
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Jefferies cut its target price for CAMS to Rs 910 from Rs 960, while maintaining a 'Buy' rating. The brokerage noted CAMS is the leader in the Rs 20 billion RTA market, accounting for 4 out of the 5 largest mutual funds partners. This is a function of its tech, long-term relationships, and compliance focus, it added. “We expect revenue growth over FY26-29 to be led by MF AUM growing at 13% CAGR and non-MF businesses growing at 21%,” it said. While EBITDA margin has contracted in FY26, the brokerage expects a 140 bps recovery in FY27, led by recovery in MF RTA growth and improvement in non-MF business margin.

Jefferies cut its target price for Go Digit to Rs 350 from Rs 380, while maintaining a 'Buy' rating. Multi-line insurers continue to face intense competition in the fire and motor categories, limiting overall growth. Furthermore, loss ratios are expected to increase due to higher motor and natural catastrophe (Nat Cat) losses.

Jefferies cut its target price for HDFC AMC to Rs 2,950 from Rs 3,130, while maintaining a 'Buy' rating. It cut its FY27 EPS estimates by 6% due to lower MTM gains. Overall AMC September 2026 quarter profits are expected to be sequentially lower as MF AUM growth slows following the recent market sell-off.
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Jefferies cut its target price for ICICI Lombard to Rs 2,050 from Rs 2,150, while maintaining a 'Buy' rating. Multi-line insurers are experiencing growth headwinds due to severe competition in Fire and Motor segments along with rising loss ratios from Motor and Nat Cat events. However, ICICI Lombard could see a 100 bps sequential improvement in its IGAAP combined ratio.

Other stocks on which Jefferies reduced its target price are ICICI Prudential AMC (Buy | Target price: Rs 3,600), NAM (Buy | Target price: Rs 1,250), Niva Bupa (Buy | Target price: Rs 95), SBI Life (Buy | Target price: Rs 2,500), KFin Tech (Buy | Target price: Rs 1,120), SBI Funds (Buy | Target price: Rs 660) and Turtlemint Fintech Solutions (Buy | Target price: Rs 145).
Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.​