Macquarie double upgrades Paytm to 'outperform', ups target price by 80%

This comes after the firm narrowed its net loss to Rs 392 cr in Q3 of FY23, from Rs 778.4 cr in Q3FY22, and expanded revenue from operations by 41.62% to Rs 2,062.2 cr

Analysts at global brokerage firm Macquarie have given a double upgrade to fintech giant Paytm’s stocks, taking it to 'outperform' from 'underperform', and raising the target price by 80 per cent from Rs 450 to Rs 800.

Due to a sustained reduction in losses, the once bearish analysts say they have seen a “very visible change in approach of management to deliver profit” by the firm, owing to its recently reported core Ebitda profitability.

“Our view at Rs 2,150 (the IPO price) was different from our view now, when the stock is priced at about Rs 600. Since our last