Susquehanna Cuts Kaspi.kz Price Target 33% to $87 with Neutral Rating
On February 2 Susquehanna downgraded Kaspi.kz to Neutral and lowered its price target from $130 to $87 after forecasting slower fintech growth. In Q3 2025 Kaspi.kz reported 10% revenue growth, 12% net income rise, 24% fintech revenue increase and 18% payments volume growth, with e-grocery GMV surging 53%.
1. Analyst Downgrades and Price Target Revisions
On February 2 Susquehanna downgraded Kaspi.kz to Neutral, cutting its price target from $130 to $87 based on expectations of slower fintech expansion. Earlier in December, JPMorgan maintained a Hold rating and trimmed its price target from $96 to $88 while forecasting a softer labor market and tariff pressures partially offset by anticipated federal tax cuts in 2026.
2. Q3 2025 Financial Results
In Q3 2025 Kaspi.kz delivered 10% year-over-year revenue growth and a 12% rise in net income. The fintech segment saw revenue jump 24%, payments total volume expanded by 18%, e-grocery GMV surged 53% and advertising revenue climbed 56% year-over-year.
3. Segment Momentum and Outlook
Strong gains in e-grocery and advertising highlight diversification beyond core payments, though near-term fintech growth may face headwinds from a soft labor market and tariff impacts. Federal tax cuts scheduled for 2026 could help support margins and underpin medium-term profitability.