Investment bank Jefferies has initiated coverage on Paytm with a buy rating and a target price of Rs 1,300. The bank is convinced that Paytm will become a profitable fintech globally in the next four quarters. Paytm’s stock has already risen 80% this year and is expected to continue growing with strong revenue growth, double-digit EBITDA margins, and stable profitability. Jefferies expects Paytm to turn profitable by the third quarter of FY25 and generate sustained growth in accounting profits thereafter.
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