Kaspi.kz initiated with an Overweight at JPMorgan

JPMorgan analyst Reginald Smith initiated coverage of Kaspi.kz with an Overweight rating and $159 price target, representing 50% upside from current levels. Kaspi has become the leading in-store and e-commerce payment network in Kazakhstan, serving more than 90% of the adult population, while processing more than 60% of retail payment volume, the analyst tells investors in a research note. The firm says the company is levered to the growing middle class and payment digitization of Kazakhstan, and offers investors a “rare combination” of growth and net income margins. The firm sees “meaningful stock upside potential from current levels as investor sentiment and awareness improves.”