Jefferies ‘Buy’ On 3 Top Stock Picks With Up To 18% Upside Potential

Jefferies has issued bullish “Buy” ratings for 3 major companies across various sectors, projecting upside of up to 18%

Global brokerage powerhouse Jefferies has issued positive “Buy” recommendations for three different Indian companies operating in the asset management, digital wealth, and pharmaceutical sectors. In its comprehensive market assessment released on Thursday, June 25, 2026, the financial firm identified clear strategic growth levers that are expected to drive strong medium-term earnings expansion for each selected stock.

The three preferred picks—HDFC Asset Management Company (AMC), Groww, and Emcure Pharmaceuticals—share similar target projections. Jefferies says all three equities have distinct institutional catalysts that could offer upside potential of up to 18% from their current market levels.

For HDFC AMC, Jefferies maintained its bullish stance with a firm target price of ₹3,090 per share. Despite a small, much-publicized slowdown in industry-wide mutual fund inflows during May 2026, the brokerage remains constructive. The analyst noted that this slight decline followed high-volume months in March and April, meaning it does not reflect weakness in macro retail investment trends.

The asset manager’s core profitability still appears very secure. Jefferies observed that the company successfully managed regulatory changes regarding total expense ratio (TER) limits by passing on the cost structure to its distribution ecosystem. The table below provides information on target metrics and future growth profiles for these three selected companies:

In addition to traditional operations, HDFC AMC is actively pursuing other opportunities in Gujarat International Finance Tec-City (GIFT City), alternative investment funds (AIFs), and portfolio management services (PMS). Furthermore, unexploited customer overlap with HDFC Bank provides significant avenues for cross-selling. Over the next two financial years, Jefferies estimates the firm will see a 21% increase in assets under management (AUM) along with a 16% increase in operating profit.

In the digital wealth ecosystem, Groww has a “Buy” rating with a specific target price of ₹230 per share. The platform is continuously diversifying its product portfolio by expanding mutual fund advisory lines, specialized wealth management, and international investment pathways. This strategic positioning reflects the visible macroeconomic shift of Indian household savings from traditional yield-backed options to equity markets.

A key part of Groww’s valuation model relies heavily on its premium “Groww Prime” framework. This initiative focuses on monetizing the large pool of direct mutual fund assets on its platform. By migrating a portion of these users to structured, fee-based advisory services, the company can generate highly profitable, regular revenue. The firm is also launching “W by Groww,” a dedicated channel specifically for wealthy investors seeking sophisticated wealth products.

Finally, Jefferies reiterated its high-conviction “Buy” call on Emcure Pharmaceuticals, setting an active price target of ₹2,100 per share. The medical manufacturer is expected to benefit from multiple domestic growth engines, including a deeply differentiated drug pipeline, creative in-licensing collaborations, and rapid expansion in high-margin consumer healthcare, dermatology, and cosmetic wellness lines.

International markets are also expected to boost Emcure’s balance sheet going forward. Overseas hubs in Europe and Canada are supported by a fixed rollout schedule of specialty, generic, and complex specialty formulas. Supported by these multi-regional operations, Jefferies estimates that Emcure will comfortably achieve a 20% compound annual growth rate in its net earnings between fiscal years 2026 and 2029.