Macquarie Downgrades Paytm Stock To Neutral; Here's Why - News18
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Last Updated: June 27, 2023, 11:53 IST Paytm Stock Price: Global brokerage Macquarie has downgraded Paytm stock to ‘Neutral’ from ‘Outperform’. This comes just four months after it gave a double upgrade to One 97 Communications, the parent of payments service provider Paytm. Macquarie had double upgraded Paytm in February to outperform from underperform and raised its price target to Rs 800 from Rs 450 earlier. However, despite the downgrade to neutral, Macquarie has maintained its price target for Paytm at Rs 800. While attributing the downgrade to the sharp run-up in share prices in recent months, Macquarie analyst Suresh Ganapathy said China’s Ant Financial could be looking to pare down its 25% stake which could be an overhang. He also sees risks emerging from Jio Financial Services’ (JFS) foray into financial services space. RIL chairman Mukesh Ambani is expected to make announcements related to JFS in the company AGM this year. A sharp run-up that the stock has seen s...