Macquarie cuts target price on Paytm

Mumbai: Macquarie has cut the target price on Paytm parent One97 Communications to ₹450 from ₹700 while retaining an underperform rating. Macquarie said globally fintech companies have corrected sharply.

The brokerage said its benchmark valuation for Paytm has been the valuation of global fintechs and as a result, it now values the company at 0.2 times price to sales growth ratio compared to 0.35 times earlier, which leads to a fair price of ₹450.