Jefferies Maintains Buy Rating on Pine Labs, Cuts Target Price to Rs 260
Jefferies maintains its Buy rating on Pine Labs while cutting the target price to Rs 260 from Rs 300. The brokerage expects ~20% revenue growth and EBITDA margin expansion through operating leverage, network expansion, faster loan origination, and new segments. However, the stock faces near-term pressure with 20-30% YTD decline and sensitivity to lower contribution impacting adjusted EBITDA by ~9-6%.