2 Stocks Jefferies Is Bullish On with Up to 37% Upside

Synopsis: Jefferies sees up to 37% upside in two financial names, citing strong December-quarter performance and growth visibility. One faces a ₹373 million GST dispute viewed as manageable, while the other reported 23% core growth, 59% VNB surge, and an improving credit cost outlook, strengthening investment appeal.

Indian benchmark indices opened higher on Monday, February 9, 2026, tracking positive global cues. The BSE Sensex jumped 597.11 points to 84,177.51, while the Nifty rose 195 points to 25,888.70. In the previous session, the Sensex had closed at 83,580.40 and the Nifty at 25,693.70. Broader markets also advanced, with the BSE Midcap Select Index gaining 0.63% and the Smallcap Select Index rising 0.98% to 7,784.88.

Pine Labs

Pine Labs is a leading fintech player in digital payments and commerce solutions for merchants and financial institutions. It is known for offering point-of-sale systems to merchants and buy-now-pay-later services that help make transactions seamless both in-store and online. The company has further expanded across Asia and continues to innovate in merchant financing and consumer payments.

With a market capitalization of Rs 25,072.61 crore, the shares were trading at Rs 218.35, increasing around 0.07 percent, as compared to the previous closing price. Jefferies, which is one of the well-known brokerages globally, initiated a ‘Buy’ call on the Finance tech stocks with a target price of Rs 300 apiece, implying a potential appreciation of 37 percent from Monday’s stock price of Rs 218.35 per share.

The brokerage said Pine Labs has received a GST demand of Rs 373 million for FY20 pertaining to its subsidiary Qwikcilver Solutions. This seems related to the loading of gift cards rather than the processing fees, which is the taxable value. Management felt the assessment was disputable and could be appealed against; thus, the pre-payment of the amount would not be required immediately.

Bajaj Finserv

Bajaj Finserv is one of India’s most prominent financial services groups, with interests that extend across consumer finance, insurance, and wealth management. Through its subsidiaries, Bajaj Finserv offers products such as consumer finance, life and general insurance, and investments. They have identified growth, technology, distribution, and leadership as different areas in which the company excels.

With a market capitalization of Rs 3,23,637.07 crore, the shares were trading at Rs 2,025.50 apiece, increasing around 0.08 percent, as compared to the previous closing price.

Jefferies, which is one of the well-known brokerages around the world, initiated a ‘Buy’ call on this stock at a target price of Rs 2,710 per share, implying a 34 percent appreciation possibility of Monday’s stock price, i.e., Rs 2025.50 per share.

As per the brokerage, BFS delivered a strong December quarter with core profit rising 23% YoY, ahead of estimates. BALIC stood out with 26% premium growth and a sharp 59% jump in VNB. While BAGIC’s growth was softer, profitability remained solid. BAF posted 23% core profit growth, with management guiding for healthy expansion and lower credit costs.

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