Kaspi.kz upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Mikhail Butkov upgraded Kaspi.kz (KSPI) to Buy from Neutral with a price target of $107, down from $114. The company has faced multiple headwinds this year, including additional regulatory costs around the Marketplace and banking business and a higher-for-longer monetary policy backdrop , but the stock fell 25% over the past 12 months and now trades at a “significant discount” relative to its 3-year forward earnings multiple average of 8.1, the analyst tells investors in a research note.