Emkay has upgraded Paytm to “Add” from “Reduce,” raising the target price to Rs 750 from Rs 375. Easing regulatory pressures and optimizing expenses are expected to restore profitability. The loan distribution business is set to re-accelerate, while the broking and insurance segments are profitable. Emkay forecasts positive operating EBITDA for Paytm by Q4 FY25.
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