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MUMBAI : CLSA on Monday upgraded its outlook on One97 Communications Ltd, the owner of the Paytm payments app.

Terming the recent price correction as favourable, the global brokerage said the risk-reward ratio on the stock has now made it a ‘buy’. Last quarter, CLSA had a ‘sell’ call on Paytm when it began its coverage of the stock.

Shares of Paytm have been under pressure since the one-year lock-in upon listing ended earlier this month. In the last 14 days, the stock has dropped around 27.5%.

CLSA said given that the company has contained its cash burn which is likely to end over the next 12-18 months, it feels that the stock is a buy at a take profit or TP of 650 a share. On Monday, shares of One97 closed at 461.75 apiece.

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