Macquarie maintains 'underperform' rating on Paytm, sets price target at Rs 730
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Following the third quarter results of One97 Communications-held Paytm, global brokerage firm Macquarie has maintained its ‘Underperform’ rating on the stock with a target price of Rs 730. This signals a downside potential of nearly 19% from the stock’s closing price on Monday. The brokerage firm noted that the company delivered strong results across all fronts, with losses declining more than expected. This positive performance was driven by higher revenue and lower employee stock ownership plan (ESOP) costs. Macquarie also highlighted a strong increase in the company’s gross merchandise value (GMV) and continued improvement in operating leverage. The brokerage firm believes there is an upside risk to Paytm's distribution revenue given the potential for higher take rates, according to its note. For the third quarter ended December 2024, the fintech major reported that its consolidated loss narrowed to Rs 208.3 crore, compared to Rs 2...