JPMorgan analyst Reginald Smith lowered the firm’s price target on Kaspi.kz (KSPI) to $88 from $96 and keeps a Neutral rating on the shares as part of a 2026 outlook on the financial technology group. The firm sees a “soft-landing grind” in 2026 with slowing real growth for the sector, driven by a weakening labor market and the lagged tariff effects, partially offset by tax cuts.
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