Paytm shares jump 5% after Bernstein assigns target price above IPO price for first time

Shares of One97 Communications, the parent company of payments aggregator Paytm, rallied 4.5% to their day’s high of Rs 1,506 on the BSE on Monday after Bernstein raised its target price on the stock to Rs 2,200 (52%upside) from Rs 1,500, while retaining its Outperform rating.

The revised target is the highest on the Street and marks the first time Paytm has received a target price above its IPO price.