JM Financial maintains Buy on Bajaj Finance, raises target price to Rs 9,500 Jobbery Stock Market update

JM Financial maintains a Buy call on Bajaj Finance, revising the target price to Rs 9,500. While Q4FY24 results missed estimates due to higher credit costs, AUM growth remained healthy. Management projects moderated growth and RoE for FY26. Despite this, the brokerage remains positive on Bajaj Finance’s ability to navigate cycles, though valuation appears rich.