Paytm shares extended gains for the third consecutive trading session and hit a new 52-week high at INR 951.90 apiece on the BSE.

The shares of Paytm parent One97 Communications hit a 52-week high on November 28, at a time when global brokerage UBS has more than doubled its target price on the stock. It now expects Paytm shares to touch ₹1000.

Paytm shares hit a 52-week high after UBS raised its target price to Rs 1,000, maintaining a 'Neutral' stance. The brokerage anticipates revenue-driven growth as cost optimization plateaus. Bernstein also increased its target to Rs 1,

UBS highlighted that further business growth must now be driven by revenue, as most cost optimisation efforts have already been realised

Paytm has run up 70 per cent in the past 3 months in anticipation of key metric improvement and is trading at 5.8 times EV/1-year-forward sales against 3.4 times pre-RBI action level, UBS said.