Paytm‘s upward march at the bourses was halted on Thursday morning as the stock fell around 2%. Paytm’s share price was on a four-straight day gaining streak.

What Happened: Maintaining a neutral stance on the payments giant, Goldman Sachs revised its target price to ₹450, down from ₹860. The brokerage said that the implied value per share ranges somewhere between ₹240-₹750. The research was also cautious about the company’s financial outlook, as it lowered its FY24E-26E revenue and adjusted EBITDA estimates by up to approximately 36% and 80% respectively.

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The analysts anticipate a 21% year-on-year decline in FY25 revenues, contrasting with the previously forecasted 16% growth. Despite these adjustments, the analysts added that Paytm’s robust balance of ₹8,900 crore is a positive.

Paytm shares have had a terrible start to the year. In the last 30 days, the stock has slumped around 50%. Several other brokerages have also turned cautious on the stock. Citi has a “sell” call on the stock with a price target of ₹500. While Jefferies suspended its rating on Paytm.

Price Action: Paytm's share price was down 3.28% to trade at ₹382.10 in early trade on Thursday.

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