Macquarie double upgrades Paytm to 'outperform', ups target price by 80%
Published On: Wednesday, February 8, 2023 | By: Team KnowMyStock
After releasing several bearish reports on Paytm, global brokerage firm Macquarie has given a double upgrade to the stock and raised its target price by 80% to Rs 800. Macquarie has upgraded Paytm to 'outperform' from 'underperform'.Due to a sustained reduction in losses, the once bearish analysts say they have seen a “very visible change in the approach of management to deliver profit” by the firm, owing to its recently reported core Ebitda profitability. "Our view at Rs 2,150 is different from our view when the stock is priced around ~Rs 600. Since our last target price cut, Paytm has positively surprised on the distribution of financial services revenue by a wide margin and has also managed to control overall expenses and charges," Macquarie analysts Suresh Ganapathy and Param Subramanian said.
This comes after the company narrowed its consolidated net loss to Rs 392 crore in the third quarter of FY23, from Rs 778.4 crore in Q3FY22. Revenue from operations also surged 41.62 percent to Rs 2,062.2 crore in Q3FY23, from Rs 1,456.1 crore in the same period last year.
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