Jefferies Initiates 'Buy' on Pine Labs, Sees ₹300 Target

• Jefferies initiated 'buy' coverage on Pine Labs shares, marking its first 'buy' rating since listing.
• The brokerage firm set a price target of ₹300, projecting a 28.5% upside from its previous close.
• Pine Labs leads in digital payments and prepaid cards, expanding into online payments and international issuing.
• Jefferies expects Pine Labs' revenue to grow at a 23% CAGR (FY25-28) and adjusted EBITDA margin to reach 27% by FY28.
• The company's valuations are currently at a discount to peers, with potential for re-rating.

Why It Matters: Jefferies' 'buy' rating and ₹300 target signal strong growth potential for Pine Labs.