BofA Securities ups Nifty target to 20,500; sees markets get rerated

The foreign brokerage firm prefers large-caps over their mid-and small-cap peers as the valuations in case of the latter are rich and earnings growth estimates seem stretched.

Photo: Bloomberg
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Photo: Bloomberg

Puneet Wadhwa New Delhi

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BofA Securities has upped its December 2023 Nifty target to 20,500, up nearly 4.5 per cent from the current levels, and a jump of around 14 per cent from its earlier December 2023 target of 18,000 forecasted in May 2023.

The research and broking house now believes that the US economy may not undergo a recession, which in turn will see bulls take a firmer grip on the markets as their key concern (recession) will be addressed and will support a continued valuation expansion.

“By December 2023, we expect Nifty to gain further to 20,500, as: a) historically, Nifty’s returns have mostly been positive at least three months prior to the end of US recession as well as during the

First Published: Aug 08 2023 | 11:12 AM IST

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