Morgan Stanley analyst Nida Iqbal lowered the firm’s price target on Kaspi.kz (KSPI) to $115 from $127 and keeps an Overweight rating on the shares after having hosted an investor trip to Kazakhstan, Uzbekistan and Turkey last week. The firm came away positive post the trip and maintains an Overweight rating on Kaspi, but its 2025 group net income forecast is lowered by 6%, primarily driven by incorporation of losses in Turkey, and it acknowledges “patience is required given near-term headwinds.”

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