Macquarie Cap analyst further cuts Paytm target price, estimate at Rs 400

Paytm, the Indian digital payments startup whose stock has slumped 71% since its November market debut, had its price target reduced further by an Macquarie Capital Securities (India) Pvt. analyst who was early to predict the company’s market 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.

Paytm pulled off the largest-ever initial public offering in India, but has since faced a number of challenges.