** Shares of non-banking financial co (BJFN.NS)fall as much as 2.2% after rising nearly 4% in early trade ** Stock hit a high of 8,045 rupees in the morning session, their best since Oct. 18 ** Co on Tuesday reported over 84% jump in Dec. qtr profit after tax as provisions for bad loans fell and asset quality improved ** BJFN also forecast long-term profit growth in range of 23%-24% and long-term assets under management growth in corridor of 25%-27% ** Even as BJFN produced strong results, analysts flagged extreme valuations ** "We revise our FY22/FY23 earnings estimates by down by 1%-2% to factor in higher credit costs," Institutional Research Analyst, HDFC Securities said in a note ** Our "reduce" stance with a revised target price of 5,536 rupees is based on current steep valuations, HDFC Securities said ** About 3.4 mln shares change hands vs 30-day avg of 1.2 mln ** Fifteen out of 29 analysts tracking stock rate it at "buy" or "strong buy"; 7 "sell" or "strong sell"; 7 "hold" - Refinitive data ** BJFN shares gained 32% in 2021 and are up about 14% so far this year