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Jefferies cuts Paytm price target to Rs 1,450 on incentive structure changes

Jefferies has cut its price target on Paytm to Rs 1,450 after removing PIDF incentives from estimates, trimming EBITDA forecasts for FY27 and FY28. Despite the downgrade, the brokerage maintained its Buy rating, citing strong core business traction.

27 Jan 2026 10:48 am