Kaspi.kz price target lowered to $137 from $154 at JPMorgan

JPMorgan lowered the firm’s price target on Kaspi.kz to $137 from $154 and keeps an Overweight rating on the shares. The firm updated financial technology price targets heading into 2025. Looking to 2025, lower benchmark rates and an improved third party funding environment should spur increased loan origination volume and healthier margins for fintech lenders, the analyst tells investors in a research note. JPMorgan views Shopify (SHOP) and Affirm (AFRM) as core holdings, saying both are growing revenue and volume at or above pandemic levels, “defying broader e-commerce trends.” Kaspi.kz (KSPI) is JPMorgan’s top pick for 2025.The company’s underlying fundamentals “are as strong as ever and low hanging fruit on the investor messaging side should drive improved stock sentiment,” it contends.