Paytm‘s share price rose in early trade on Tuesday to break its four-session losing streak.
What Happened: The stock is upbeat even as global research firm Macquarie downgraded the stock’s rating to “neutral” from “outperform” with a price target of ₹800 – a downside of over 4% from the stock’s last closing price of ₹836.80.
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The firm said that the downgrade comes as the stock has been on a tremendous run. The firm added that no changes have been made to its earnings estimates for the company’s earnings. The brokerage expects the payments giant to become accounting profitable by FY26.
The brokerage firm also highlighted that the entry of Jio Financial Services could be a cause for worry. The entry of Mukesh Ambani‘s Jio is seen by BofA Securities analysts as a worrisome development for Paytm and other fintech companies.
Price Action: Paytm’s share price was up 0.47% to trade at ₹842.05 as the markets opened on Tuesday.
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