One 97 Communications, parent of Paytm, saw shares rise nearly 3% to ₹942.90 after global brokerage firm UBS raised its target to ₹1,000. Earlier, Citi also lifted its rating on Paytm from 'Sell' to 'Buy' and increased the price target to ₹900.

The shares of Paytm parent One97 Communications hit a 52-week high on November 28, at a time when global brokerage has more than doubled its target price on the stock. It now expects Paytm shares to touch ₹1000.

Paytm shares hit a 52-week high after UBS raised its target price to Rs 1,000, maintaining a 'Neutral' stance. The brokerage anticipates revenue-driven growth as cost optimization plateaus. Bernstein also increased its target to Rs 1,

From its all-time low of Rs 310 on May 9, 2024, Paytm's stock has nearly tripled, rising 196.4% as of November 27. Paytm has now returned to its pre-RBI ban levels. The big question is: what's next? Is there more room for this rally to continue?

Paytm has run up 70 per cent in the past 3 months in anticipation of key metric improvement and is trading at 5.8 times EV/1-year-forward sales against 3.4 times pre-RBI action level, UBS said.