Motilal Oswal has reiterated a BUY rating on Angel One Ltd., despite recent headwinds in customer acquisition costs and a sequential dip in earnings. The firm has revised its price target to Rs 2,800, reflecting a potential 19% upside from the current market price of Rs 2,356. While Q4 FY25 results were weaker than expected due to F&O regulations and muted market activity, management remains optimistic about a rebound in FY26, with normalized margins and steady growth from digital investments.