JPMorgan Noted Kaspi.kz’s (KSPI) Softening 2026 Fintech Outlook, Lowered PT

Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is one of the best new tech stocks to buy right now. On December 4, JPMorgan analyst Reginald Smith lowered the firm’s price target on Kaspi.kz to $88 from $96 and kept a Neutral rating on the shares as the firm broadly updated its 2026 outlook on the financial technology group. JPMorgan forecasts a soft-landing grind for the sector in 2026, predicting slowing real growth due to a weakening labor market and the delayed impact of tariffs.

In Q3 2025, the company reported increasing total revenue by 20% year-over-year to KZT797 billion (excluding Turkey). Total Payment Volume/TPV grew by 18% and transaction volume increased by 14%. Management highlighted ongoing enhancements to the platform, including connecting more banks and introducing innovative features like “Pay by Palm,” which is expected to roll out by the end of the year.

JPMorgan Noted Kaspi.kz's (KSPI) Softening 2026 Fintech Outlook, Lowered PT

The Fintech segment’s revenue, in particular, increased by 24%, which was supported by a 16% rise in TFE (Total Financial Engagement) and strong performance in merchant lending. The Fintech loan portfolio also expanded significantly, growing 30% year over year. A major growth driver across the platform was Advertising, with revenue soaring by 56%, fueled by new services allowing merchants to advertise on third-party platforms like Facebook and Instagram.

Joint Stock Company Kaspi.kz (NASDAQ:KSPI), together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. It operates in three segments: Payments, Marketplace, and Fintech.

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Disclosure: None. This article is originally published at Insider Monkey.