Paytm shares rise 3% as Goldman Sachs doubles price target, upgrades to Buy

Shares of One 97 Communications, the parent company of Paytm, rallied up to 3.3% to a day’s high of Rs 1,336 in morning deals on November 28 after global brokerage Goldman Sachs upgraded the stock to Buy from Neutral, signalling renewed confidence in the fintech major.

Goldman Sachs believes the ramp-up of Paytm’s recently introduced postpaid offering, a steady rebound in MTUs and the lending franchise, along with new product launches such as wallets, could act as key triggers for the stock. While Paytm continues to operate in a tightly regulated environment, the brokerage noted that the regulatory balance now appears tilted more toward upside than downside.