Jefferies has maintained a Buy rating on Max Financial Services, with a target price of ₹1,700, highlighting long-term positives despite near-term management uncertainties.
The update follows the announcement of early retirement by Prashant Tripathy, CEO of Axis Max Life, effective September 2025. Jefferies acknowledged the move as a minor setback, adding that a smooth leadership transition—likely through internal elevation—will be critical to maintaining momentum.
The brokerage also pointed out the upcoming retirement of Rajiv Anand, Chairman of Axis Max Life and Deputy Managing Director of Axis Bank, in August 2025.
Despite the management changes, Jefferies remains optimistic, citing sector tailwinds from regulatory reforms, an ongoing shift to Non-Par products, and healthy business growth. The brokerage noted that any correction in the stock may present a good buying opportunity.
Disclaimer: The views expressed are those of Jefferies and do not constitute investment advice or a recommendation by Business Upturn.
