India's Paytm, Pine Labs rise after J.P. Morgan raises target price
BUZZ-India's Paytm, Pine Labs rise after J.P. Morgan raises target price ** Paytm PAYT.NS shares rise 1.1% to 1,782.70 rupees; Pine Labs PINL.NS stock up 3.3% at 190.48 rupees
** J.P. Morgan raises PT for PAYT to 2,100 rupees from 1,300 rupees; for PINL to 190 rupees from 145 rupees
** Upgrades PAYT rating to "overweight" from "neutral"; PINL unchanged at "neutral"
** Says merchant discount rate (MDR) revenue for PAYT across third-party application provider and acquiring payment aggregator segments drives EBITDA/EPS upgrade over FY27-29
** For PINL, an acquiring payment aggregator, MDR benefits drive 9-28% EBITDA/EPS upgrades over FY27-29 - JPM note
** On October 15, fee on select UPI transactions above 2,000 rupees made to merchants comes into force
** YTD, PAYT up about 38%, PINL down around 21%
(Reporting by Vijay Malkar)
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India's Paytm, Pine Labs rise after J.P. Morgan raises target price