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Paytm shares fall 3% as Goldman Sachs cuts target price: What's happening
Paytm Share price: On February 21, Paytm stock closed 5 percent higher at ₹395.05 on the National Stock Exchange (NSE).
Paytm shares fell around 3 percent today (February 22) as Goldman Sachs put a 'neutral' rating on the stock and cut the target price to ₹450 from ₹860 per share. Goldman Sachs decreased revenue and adjusted EBITDA estimates for FY24E-26 by up to 36 percent and 80 percent as they expect FY25 revenues to decline by 21 percent on-year. On February 21, Paytm stock closed 5 percent higher at ₹395.05 on the National Stock Exchange (NSE).
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Paytm stock fell after RBI imposed strict restrictions on Paytm Payments Bank Ltd. (PPBL) but it has witnessed a sharp recovery recently, hitting 5 percent upper circuit three days in a row after RBI extended the deadline to March 15 and Paytm struck a deal with Axis Bank.
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Although, Jefferies discontinued its rating on Paytm and has moved it to its list of 'Non-Rated' stocks while Morgan Stanley maintained an equal-weight rating on the stock with a target price of ₹555. Bernstein remained bullish on the stock saying, “Given the still depressed valuation and the removal of a major regulatory overhang, we see considerable upside and maintain our Outperform rating with a Target Price of ₹600.”
