Nomura turns bullish on Paytm with Buy call, sees 31% upside on earnings leverage and new growth engines
Nomura has initiated coverage on One 97 Communications, the parent of Paytm, with a Buy rating and a target price of Rs 2,250, implying about 31% upside from current levels. The brokerage’s thesis rests on accelerating EBITDA expansion through payments scale, merchant lending, AI-led cost efficiencies and optionality from UPI MDR revenue, with international expansion and the enterprise AI product Pi adding further upside.
