Jefferies maintains a “Buy” rating on Paytm, raising the price target to Rs 1,420, a 21% upside. The report, dated September 21, 2025, highlights a strong merchant franchise (45mn) & lending business. Vijay Shekhar Sharma said, “payment platforms have come a long way & now delivering profits.” Paytm’s consumer base recovered to ~75mn. Jefferies expects 24% revenue CAGR (FY25-28E).
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