IIFL Holdings hits 52-week high after Credit Suisse assigns 'outperform' rating

Brokerage major IIFL Holdings touched its 52-week high of Rs 629 in intra-day trade on Wednesday, June 7, 2017. The brokerage firm soared by about 14 per cent as investor sentiments were positive on coverage initiation on the stock by Credit Suisse. 
     
Swiss multinational Credit Suisse has initiated coverage on IIFL Holdings with an outperform rating, along with a target price of Rs 650. The research firm also stated that the company had made a reputable space for itself in the retail broking segment.

Credit Suisse identified the company’s growing presence in the home loans, gold and commercial vehicle segment, predicting a CAGR of 28 per cent from the aforementioned segments in the coming three years. The research firm also placed high value in the company’s wealth management business. 
 
The stock has gained about 12 per cent in the last one month, whereas the stock gained 4 per cent in the last three years. IIFL Holdings was quoting at Rs 618.10 in the morning trade, up by 12.26 per cent on the BSE. The stock closed at Rs 607, up by 10.06 per cent on the BSE.