Buy HDFC Life, target price Rs 850: JM Financial Jobbery Stock Market update New

JM Financial maintains a buy call on HDFC Life, revising the target price to Rs 850. The brokerage anticipates continued growth in banca and agency channels, projecting 15% APE growth and 100bps margin expansion over FY25-FY27e. This valuation is based on 2.4x FY27e EVPS of Rs 349, with a reiterated BUY rating.