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Jefferies bullish on Paytm, raises price target to Rs 1,600 on strong Q1

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  1. Jefferies maintains a 'Buy' rating on Paytm and raises price target to Rs 1,600.

  2. Paytm's Q1 results showed 28% revenue growth and an 8% EBITDA margin.

  3. The upgrade is driven by operating leverage and strong earnings.

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