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Paytm Analyst Who Predicted Slump Further Cuts Target Price

  • Macquarie’s Ganapathy cuts price estimate by 36% to 450 rupees
  • The startup’s stock has slumped 71% since its November listing
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Paytm, the Indian digital payments startup whose stock has slumped 71% since its November market debut, had its price target cut further by a Macquarie Capital Securities (India) Pvt. analyst who was early to predict the company’s troubles.

Macquarie’s Suresh Ganapathy cut his price estimate to 450 rupees ($5.90) from 700 rupees, citing lower valuations for fintech companies globally. He didn’t change his earnings or revenue estimates for Paytm, which he rates underperform. The stock rose to 634.05 rupees on Wednesday.