BofA starts India's PhysicsWallah with 'underperform' on profit, growth concerns

BofA initiated coverage on PhysicsWallah with an 'underperform' rating and a price target of 110 rupees, citing valuation concerns after an 18% implied downside from current levels. The brokerage highlighted challenges in balancing growth and profitability due to loss-making in-person classes and unproven unit economics for the educational services provider.