Paytm gets double upgrade from Macquarie to ‘outperform’, target price raised

Macquarie has given an outperformance call on Paytm and has also raised the target price to Rs 800

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Analysts at Macquarie Research have given a double upgrade on One97 Communications, which runs digital payment platform Paytm, after the fintech giant reported operating profitability in the December quarter, three quarters ahead of its earlier guidance of achieving this target by the September 2023 quarter.

Macquarie has upgraded Paytm to ‘outperform’ from ‘underperform’, and has also raised the target price to Rs 800 from Rs 450, which implies a 36 percent upside from the current levels.

“The biggest surprise is distribution business, control of cashbacks, opex,” it said in a note on February 8.

Also Read | Paytm posts 327% spurt in credit offtake at Rs 3,928 crore