Here’s Why Goldman Sachs Upgraded Joint Stock Company Kaspi.kz (KSPI) to Buy

Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is among the most profitable software stocks to invest in. 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.

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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.

While we acknowledge the potential of KSPI to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than KSPI and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.