Aditya Birla Sun Life AMC Shares Surge 5% on Citi's 'Double-Upgrade'

• Aditya Birla Sun Life AMC shares jumped nearly 5% on Friday, January 23, following a 'double-upgrade' by brokerage firm Citi.
• Citi upgraded the stock from 'sell' to 'buy' and increased its price target by 18.4%, from ₹760 to ₹900 per share.
• The brokerage noted that the AMC's market share in actively-managed equity-oriented MAAUM had declined but is now stabilizing due to improved scheme performance.
• Citi anticipates a gradual pick-up in gross flows as sustained performance in shorter-term buckets translates to better results in higher-order buckets.
• The company's aggressive sales engine and sustained performance are expected to drive AUM and market share accretion, potentially leading to a stock re-rating.

Why It Matters: Aditya Birla Sun Life AMC shares rallied after Citi's double-upgrade and increased price target, citing improved performance.