Max Healthcare Shares Upgraded by HSBC, Target Price Raised to ₹1,125

• HSBC upgraded Max Healthcare stock to 'Buy' with a new target price of ₹1,125 from ₹1,060.
• The revised target implies a potential upside of 17% from current levels.
• Multiple growth drivers, including 2,240 new beds by FY28 (43% capacity expansion), are expected to fuel strong earnings.
• Economies of scale and ramp-up of new hospitals in Noida and Dwarka are anticipated.
• Access to CGHS patients is aiding faster occupancy and covering fixed costs at new facilities.