Battered Paytm gets its first bullish rating from a major broker

India’s digital payments giant Paytm has received a bullish rating from a major broker after a dismal listing and a spate of bearish views since then.

Morgan Stanley has started coverage on the digital payments startup with an overweight rating and a price target of 1,875 rupees, which implies 43% upside from Tuesday’s close. It sees attractive risk to reward after the stock dropped to a record low earlier this week, and values the firm at $17 billion.

Paytm’s “profitability should improve sharply as financial services scales up” with the company breaking even at operating profit level in fiscal year 2025,” analysts