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 has more than doubled its target price on the stock. It now expects Paytm shares to touch ₹1000.

One 97 Communications, parent of Paytm, saw shares rise nearly 3% to ₹942.90 after global brokerage firm UBS raised its target to ₹1,000. Earlier, Citi also lifted its rating on Paytm from 'Sell' to 'Buy' and increased the price target to ₹900.

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,

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.