“Bullish on Paytm, raising its price target to ₹2,100 from ₹1,600, implying a 21% upside. The firm expects Paytm's 4.9 crore merchant base and strong loan-origination model to drive a 25% revenue CAGR over FY26-29, with operational synergies aiding sharp EBITDA and profit growth. Increased earnings estimates for FY28-29 by 20-25% factor in a 25 bps MDR on UPI.”

Jefferies Analysis’s track record: 3 graded calls · 95% CI 44–100%