Citibank has raised its target price for Indian fintech Paytm to INR1,103 ($14.60), signalling a potential upside of 71%. After breaking even last year, Citibank expects Paytm’s growth to continue, partly thanks to recognition of annual UPI payouts from the Indian government, along with decent Q4 figures. Citibank believes Paytm’s lending and monetisation focus help it to achieve ongoing growth, and has raised the estimates for FY24 and FY25 by 6% and 5% respectively, while revised the adjusted EBITDA upwards by 31% for FY24 and 7% for FY25.
