Paytm share surpasses Yes Securities, Morgan Stanley target; rallies for 4 straight days
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After receiving buy ratings from all the top global and domestic brokerage and research firms, Paytm stock price has surpassed the target prices pegged by Morgan Stanley and YES Securities, while is just inches away from the targets set by Bank of America, CLSA, and JM Financial Services.
In a span of four trading days, Paytm share price has rallied more than 36 per cent, reclaiming the 700-mark.
The analysts turned bullish and raised target price on Paytm stock after the company achieved an operating profitability milestone with EBITDA before ESOP cost at Rs 31 crore, significantly ahead of its guided timeline of September 2023.
In the last one month, One97 Communications (Paytm) scrip has surged 30 per cent, and nearly 40 per cent so far in 2023.
Morgan Stanley and YES Securities had pegged Rs 695, and Rs 600, respectively, as target price for Paytm.
While BofA, CLSA, and Bandhan Bank gave Rs 730, Rs 750, and Rs 750, respectively, as target prices.
The fintech giant's revenue from operations increased 42 per cent (year-on-year) to Rs 2,062 crore, driven by growth in its core payments business and sustained growth momentum in credit business and commerce business.
Paytm in its business operating performance for January 2023, registered consistent growth in total merchant payments value.
The total merchant GMV processed through the platform in January aggregated to Rs 1.2 lakh crore ($15 billion), marking a YoY growth of 44 per cent.
The company continued to reign the market in offline payments with 6.1 million merchants now paying subscriptions for payment devices, while MTU stood at 89 million, registering a robust growth of 29 per cent YoY.
