“Bernstein maintains an Outperform rating on Paytm, raising its target price to ₹2,200 from ₹1,500, which is the highest on the Street and above its IPO price. This implies a 39% upside potential, driven by the incorporation of MDR on UPI transactions from FY28, expected to boost net payments margin by 3-4 basis points and increase FY30 EPS by 30%.”