business π° JPMorgan weighs in on top gold finance stocks
JPMorgan initiated coverage on Manappuram, Muthoot, and IIFL Finance, giving all three an 'overweight' rating on August 21. The brokerage set price targets of βΉ395, βΉ3400, and βΉ750, respectively, suggesting upside potential. They see gold loans as a structural growth area, expecting penetration to hit 10% by FY2026. JPMorgan favors IIFL Finance due to its early turnaround stage, while predicting gold prices could reach $5,000 by 2027. Despite competition, high barriers should protect incumbents' profitability. π°