India's Max Healthcare gains as brokerage starts with 'buy'

** Hospital operator Max Healthcare MAXE.NS climbs 1.6% to 1,171.1 rupees

** Nuvama initiates coverage with "buy" rating, PT of 1,430 rupees - implying 24% upside to last close

** Says MAXE is set for strong volume-led growth as capacity doubles by FY29; expects revenue CAGR of 20% over FY25-28

** Adds, co likely to retain leadership in North India, backed by tech-driven clinical solutions, lower attrition, strong balance sheet and healthy cash flow

** MAXE is rated "buy" on avg by 20 analysts, same as rival Apollo Hospitals APLH.NS by 26 analysts - data compiled by LSEG

** Median PT on MAXE 1,310 rupees, APLH at 8,788 rupees

** YTD, MAXE up nearly 4% vs about 8% rise in APLH