Wolfe Research reiterated a Buy rating on Joint Stock Company Kaspi.kz, traded on NASDAQ under KSPI, on January 8, setting a price target of $95. Earlier, on December 4, J.P. Morgan maintained a Hold rating on the stock but reduced its price target from $96 to $88.
J.P. Morgan stated that its cautious stance reflects the firm's outlook on financial technology stocks. The firm anticipates 2026 to be a year of softer landing, with real growth expected to slow throughout the year. This slowdown is attributed to the lagged impact of tariffs and a weak labor market. However, the firm noted that tax cuts are expected to partially offset these effects.
Joint Stock Company Kaspi.kz is scheduled to release its fiscal fourth-quarter 2025 results on February 24. Wall Street analysts project quarterly revenue to be approximately $2.31 billion, with a GAAP earnings per share of $3.12.
The company, along with its subsidiaries, offers payments, marketplace, and fintech solutions to consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. It operates through three segments: Payments, Marketplace, and Fintech.