Paytm shares zoom 80% from record low. Is the new-age stock coming of age?

Paytm’s shares have risen over 80% since hitting a 52-week low of INR438.35 on 23 November. Last week’s rally of 13.5% came after global brokerage firm BofA Securities upgraded the stock to a buy rating from neutral, with a revised target price of INR885, citing strong revenue momentum, potential operational leverage upside and limited competition. Another foreign brokerage, CLSA, also assigned a buy rating and INR850 target price. Although still not trading close to its IPO price of INR2,150, Paytm’s management aims to achieve EBITDA break-even by September 2023.