12 Most Profitable Software Stocks to Invest In

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9. Joint Stock Company Kaspi.kz (NASDAQ:KSPI)

Net Income (TTM): $2.10 billion

Number of Hedge Fund holdings: 33

On October 7, 2025, Mikhail Butkov, an analyst at Goldman Sachs, upgraded Joint Stock Company Kaspi.kz (NASDAQ:KSPI) to Buy from Neutral, while cutting the price target to $107 from $114, implying a potential upside of nearly 42% from the current price.

As the analyst notes, Joint Stock Company Kaspi.kz (NASDAQ:KSPI) has seen its share of turbulent phases this year, particularly due to regulatory costs surrounding its Marketplace and banking businesses, along with a prolonged period of elevated interest rates. With the stock falling 25% over the last twelve months, the analyst believes the company is trading at a “significant discount” compared to its 3-year forward earnings multiple average.

Separately, investors can look forward to deeper insights into the performance as soon as Joint Stock Company Kaspi.kz (NASDAQ:KSPI) hosts its third-quarter earnings call, scheduled for November 10, 2025. Overall, market sentiments appear to be in the company’s favour, as the one-year price target by Yahoo Finance offers a potential gain of 48%.

Joint Stock Company Kaspi.kz (NASDAQ:KSPI), headquartered in Almaty, the Republic of Kazakhstan, is a provider of payments, marketplace, and fintech solutions for both consumers and merchants. Founded in 2008, the company is committed to improving people’s lives through its innovative products.

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