PB Fintech shares buck weak market trend; brokerages reward strong Q3 results with higher targets
PB Fintech share price today: The stock of PB Fintech, the parent of online insurance aggregator Policybazaar, held on firmly in the green shrugging off market-wide weakness on Monday, after the company reported a strong set of earnings for the quarter ended December 2022. CLSA, Morgan Stanley and Citi raised their target prices for the PB Fintech stock by Rs 40-85 after the earnings announcement.
PB Fintech shares were in the green with huge volumes on Monday, after the parent of online insurance aggregator Policybazaar staged a strong quarterly performance that won a slew of hikes in taget prices by top brokerages. The PB Fintech stock finished the day with a gain of Re 1.8 or 0.3 per cent at Rs 525.8 apiece on BSE, having risen by as much as Rs 21.3 to Rs 545.3 apiece.
Almost three lakh PB Fintech shares changed hands during Monday's session, as against a daily average of 1.3 lakh in the past two weeks, according to BSE data.
CLSA, Morgan Stanley and Citi raised their target prices for PB Fintech shares by Rs 40-85 after the earnings announcement.
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PB Fintech Q3 results
After market hours on Friday, PB Fintech reported a net loss of Rs 87 crore for October-December 2022, having narrowed by 70.8 per cent on a year-on-year basis. The contraction in quarterly net loss came about on the back of a 66 per cent surge in revneue to Rs 610 crore for the three-month period, according to a regulatory filing.
PB Fintech exuded confidence of turning Adjusted EBITDA positive by the fourth quarter of the current financial year.
Editor's Take | Anil Singhvi says PB Fintech reports improvement in operational performance
Zee Business Managing Editor Anil Singhvi said PB Fintech staged an improvement in its operational performance in the quarter ended December 2022, but pointed out that the stock has already run up ahead of earnings.
Read more on Anil Singhvi's stocks of the day, his market strategy and how he views the market
Here's what brokerages make of PB FIntech shares after the company's Q3 earnings announcement:
UBS, which maintained 'neutral' on PB Fintech with a target of Rs 600, raised its revenue forecasts for the two years to March 2024 by 4.2-4.7 per cent.
| Brokerage | Rating | Target price |
| UBS | Neutral | Rs 600 |
| CLSA | Buy | Raised to Rs 660 from Rs 600 |
| Morgan Stanley | Overweight | Raised to Rs 705 from Rs 620 |
| Citi | Buy | Raised to Rs 800 from Rs 760 |
PB Fintech shares lost 5.3 per cent of their value in the quarter ended December 2022, a period in which headline indices Sensex and Nifty50 gained 5.9 per cent each.
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