India's Paytm extends rise as Citi, others upgrade rating, PT
24/10/2024 07:43
** Shares of Indian fintech firm Paytm PAYT.NS rise 4% to
775.95 rupees
** Stk set for second straight sessions of gains, if trend
holds
** Citi upgrades PAYT to "buy" from "sell" and doubles PT to
900 rupees
** Morgan Stanley keeps rating unchanged at "equal-weight"
while raising PT by 32% to 660 rupees
** Both say regulatory risks ease after payments authority's
approval to onboard new UPI customers; Citi expects monthly
transacting users to bottom out in Q3
** Key growth drivers will be pick-up in new customers and
merchants and speeding of merchant loan disbursals post launch
of default loss guarantee model - Citi
** Six out of 14 analysts covering PAYT raised PT after the
regulatory approval; avg rating at "hold" while median PT is at
550 rupees
** Stock up ~22% YTD
(Reporting by Dimpal Gulwani in Bengaluru)
((dimpal.gulwani@thomsonreuters.com))