Morgan Stanley has lowered its target price for M&M Finance to ₹285, representing a modest 1.0% upside from the current market price of ₹282.30. The company’s Q2 profit fell short of estimates, and RoA guidance has been reduced from an aspirational 2.5% to 1.8-2%. Despite these challenges, Morgan Stanley expects some seasonal strength in H2FY25, though risk-adjusted returns remain a concern.
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