India’s Leading Digital Payment Startup Paytm After having one of the worst starts by a major technology company less than three months ago, it’s slowly gaining the confidence of some analysts.
Buy recommendations on Paytm operator One97 Communications Ltd climbed to four this week, up from just two at the start of the year, while the sell rating remained unchanged at three, according to data compiled by Bloomberg. This is the first time that bulls outnumber bears since the company’s disastrous initial public offering in Mumbai during November.
In the most recent trust vote, after Paytm’s December quarter revenue stunned the market, Goldman Sachs analysts led by Manish Adukia raised their rating from neutral to buy. The investment bank’s target price of Rs 1,460 represents a gain of over 50% since Monday’s close.
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Nevertheless, a change in analyst sentiment may bring some comfort to investors who have seen Paytm shares fall by more than half of their value since listing. The stock is the worst performer of this year on the index of S&P BSE for new stocks after online food delivery platform Zomato Ltd.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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