Susquehanna raised the firm’s price target on Kaspi.kz (KSPI) to $95 from $87 and keeps a Neutral rating on the shares. The firm noted the company announced that Tencent (TCEHY), Kaspi’s CEO and other senior members of the management team, and long-term institutional investors purchased 6 million ADSs from Baring Fintech Venture Funds. The firm believes Tencent may have a strategic rationale behind this purchase, as it provides validation of Kaspi’s integrated consumer platform approach and long-term growth strategy.
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