JM Financial initiates coverage on Juniper Hotels with a buy rating and a target price of Rs 450. The hotel chain, operating 2,115 keys across 8 properties, plans to add 1,000+ rooms in 3 years. JM Financial projects 15% revenue CAGR and 20% EBITDA CAGR over FY24-27E, with EBITDA margins reaching 43% by FY27E.