<ul data-eligibleForWebStory="true"><li>Max Financial Services shares surged to a record high after Citi Research initiated coverage with a 'buy' rating and a target price of Rs 1,840.</li><li>Citi projects strong operating Return On Embedded Value (ROEV) for Max Financial, expecting it to outperform peers like HDFC Life and ICICI Prudential Life.</li><li>Axis Max Life Insurance, a key subsidiary, is planned for a reverse merger into the parent company, which Citi sees as a potential challenge.</li><li>Max Financial is anticipated to increase market share driven by a revived APE share and diversified product strategy.</li><li>Max Financial Services share price reached Rs 7,947.50, up 1.53%, later trading at Rs 7,905, with a YTD rise of 27.23% and a 12-month increase of 102.98%.</li><li>Of 24 analysts tracking the company, 21 suggest 'buy', two recommend 'hold', and one suggests 'sell', with an average 12-month consensus price target indicating a 1.5% upside.</li></ul>

Max Financial Shares Touch Record High As Citi Initiates 'Buy'

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