Mumbai, Aug. 27 -- The brokerage set a target price of Rs 200 per share, implying an upside of around 20% from the previous close of Rs 166.88 on the NSE.

The brokerage highlighted Pine Labs' leadership in merchant payments and its high-margin value-added businesses. It also expects strong earnings growth.

Pine Labs has more than 20 lakh point-of-sale (POS) terminals. The brokerage estimates the company has a 17% share of the overall POS terminal market and more than 60% share among enterprise merchants.

The brokerage also highlighted Pine Labs' affordability solutions, including POS financing, as an important value-added business.

Pine Labs processes around 85% of offline white-goods buy-now-pay-later (BNPL) transactions. The company...