BofA Securities initiates coverage on Groww with ‘buy’ rating; shares rally 4% to record high. Here’s what the brokerage said

Groww shares surged over 4% to a fresh 52-week high of Rs 204.30 on Wednesday after BofA Securities initiated coverage on the retail brokerage platform with a Buy rating and a price target of Rs 235, implying a potential upside of around 15% from the day’s peak.The Wall Street bank said Billionbrains Garage Ventures, which runs the broking platform Groww, is “well positioned to capitalise on India’s retail investing tailwinds,” and expects the company to deliver revenue growth at a 30% CAGR over...