** Nuvama Wealth Management's NUVA.NS shares up 1.3% to 1,771 rupees

** Investec starts coverage of company's shares with "Hold" and sets PT of 1,900 rupees

** Brokerage says company's asset services business stands out as a structurally advantaged business with high operating leverage and capital-light economics

** Company's wealth business, and high net-worth individuals and other affluent individuals are moving well, and provides access to the more underestimated and less competitive ultra-high net worth individuals - brokerage

** NUVA is well-positioned to deliver double-digit growth - brokerage

** Investec flags prolonged capital market downturn as a risk

** Forecasts revenue CAGR at 16% over FY26-29E

** Expects PAT CAGR at 18% over FY26-29E

** On average, 8 analysts rate the stock "Strong Buy"; median PT at 1,845 rupees - data compiled by LSEG

** YTD, stock up 18.7%