JPMorgan downgraded Kaspi.kz (KSPI) to Neutral from Overweight with an unchanged price target of $96. The shares have rallied over 20% following the “better than feared” Q2 results, the analyst tells investors in a research note. However, the firm believes Kaspi.kz’s organic growth remains pressured by macro and regulatory headwinds that could persist at least through year-end.
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