“Retains an 'Outperform' rating on One97 Communications (Paytm), raising its target price to ₹2,200, implying a 38% upside from Monday's closing. This upgrade is based on the potential for UPI monetization, with Bernstein moving merchant discount rate (MDR) on selected UPI merchant transactions into its base-case forecasts from FY28, which could boost Paytm's net payment margins by 3-4 basis points and increase FY30 EPS by 30%.”