Morgan Stanley on AB Capital:🚨

Upgrade to Overweight from Equal Weight, TP 247
Stock is down 24% in the last three months (vs. -5% for Sensex).
Forecast F24-27 AUM CAGR of 20%.
EPS CAGR of 18% resulting in ROE of 15%+ in F27 for the NBFC business.
Enjoys strong funding access due to its parentage.
Has managed asset quality reasonably well over the years.