Jefferies has maintained its hold rating on Paytm, with a target price of ₹700, indicating a 2.3% upside from the current market price of ₹684. The company’s Q2 EBITDA losses declined as a result of cost reductions and recovering revenue. Paytm has also begun offering DLG-based lending, which could accelerate its path to EBITDA breakeven. While the risk profile has improved with NPCI’s TPAP approval, Jefferies believes current valuations already reflect near-term optimism.
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