Edelweiss Financial at a new high

Edelweiss Financial Services is among the top three gainers since opening bell. It has hit a new high at Rs.200.70, up almost 8.5% and continues to remain strongly in the green.

The reason for this new found love for the stock is once again FII initiating coverage. Over the past few weeks we have seen time and again how a stock suddenly gets catapulted into the top gainers or losers as soon as an FII puts out a report, upgrades or downgrades and hikes/lowers target price.

In case of Edelweiss, Credit Suisse announced that it has initiated coverage on the stock, with an “outperform” rating and it has given a target price of Rs.220.

Credit Suisse is of the opinion that the company is a fully integrated financial services company and will thus grow in wealth management and its focus on retail lending will spur growth further.