ICICI Securities Starts Coverage On Paytm With Target Price Of Rs 1,352 Per Share

New Delhi: Domestic brokerage and research firm ICICI Securities has started coverage for Paytm with a buy rating and kept a target price of Rs 1,352 a share that is 60 percent above from its current price.

The stock of Paytm was listed in the stock market in November last year. Since, then it has seen a decline of 48 percent so far, while in the year 2022, it has lost 39 percent so far.

ICICI Securities has now given buy rating on Paytm with a target of Rs 1352. The brokerage house believes that it can see a rise of 64 percent in this stock beyond the current level. However, lower than expected monetization and unfavorable regulatory stance in the financial services, business may prove to be a risk for the company.

Earlier this month, data collected by Bloomberg also indicated that the number of recommendations on the stock in the first week of February since the weak listing has more buy recommendations than sell.

It is worth noting that in the third quarter of December 2021, Paytm has incurred a loss of Rs 778.5 crore, which was Rs 535.5 crore in the same period last year. However, the company's income during this period has seen a growth of 88 per cent year-on-year and has grown from Rs 772 crore to Rs 1,456 crore in the corresponding period last year.

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