Wolfe starts Kaspi.kz with an Outperform, sees 49% upside

As previously reported, Wolfe Research initiated coverage of Kaspi.kz with an Outperform rating and $130 price target, which represents about 49% upside. What had started out as a financial services platform has since evolved into “a unique commerce ecosystem,” says the analyst, who believes Kaspi presents a “compelling business that will continue to pave the way for digital commerce enablement” in Kazakhstan and Central Asia.