Paytm, a prominent Indian digital payment company, has experienced a significant turnaround in its shares over the past few months.
After hitting an all-time low of Rs 438.35 on November 24, 2022, Paytm shares have bounced back impressively, currently trading at Rs 860.
This marks a remarkable jump of about 100% in the last seven months, demonstrating the company’s strong performance and investor confidence.
Leading Brokerages Favor Paytm Shares, Citi Sets Target at Rs 1160
Reputed brokerage firms, including Morgan Stanley, Bank of America (BofA), and Citi, have shown keen interest in Paytm shares, providing positive reviews and issuing a “buy” rating for the stock.
Notably, global brokerage house Citi has set an ambitious target of Rs 1160 for Paytm shares.
The company’s 52-week high and low levels stand at Rs 915 and Rs 439.60, respectively.
Bank of America Expects Paytm Shares to Reach Rs 1020
Bank of America (BofA) is another prominent brokerage house that has expressed confidence in Paytm’s growth potential.
They have set a target of Rs 1020 for Paytm shares while emphasizing the limited competitive risks associated with the company.
Similarly, global brokerage firm Morgan Stanley has assigned an equal-weight rating to Paytm shares,
recognizing the company’s achievements in merchant payments and its notable Gross Merchandise Value (GMV) of Rs 4.05 lakh crore in the quarter ending June 2023, reflecting a 37% YoY growth.