Paytm, whose parent firm One97 Communications made a weak market debut in November, has got its first ‘buy’ rating from the brokerage Dolat Capital Market Private Limited, a report said on Thursday.Dolat Capital Market Pvt is the third brokerage to initiate coverage on the digital payments platform after Macquarie Capital Securities and JM Financial Institutional Securities Ltd. JM Financial has a sell rating on the stock, while Macquarie has rated it as underperform.According to the brokerage, Paytm’s transition to a “manufacturer” of financial services from an agent, cross-selling of services, and strong growth in the number of users will help the company.Dolat analysts are of the view that Paytm’s “super app” has emerged from a pure “want” category to reach the “need” status. It positions the company as “one of the strongest digital brands to garner a significant share of opportunities that will evolve in the Indian internet ecosystem,” they said, according to the Bloomberg report.Also Read: RBI recommendations on digital lending positive for Paytm, company saysThe brokerage has set a target price of Rs 2,500, which is 16 percent higher than the company’s issue price.Noting that the entry multiple for Paytm might appear steep, Dolat said, “however we see it as sustainable since it is the most impactful and real-economy internet business.”.Paytm shares had made a weak debut on Dalal Street on November 18, opening on bourses at a discount of around 9 percent to the issue price of Rs 2,150. The weak listing of One97 Communications came despite its mega initial public offer (IPO), which was fully subscribed but failed to receive the kind of response enjoyed by several companies in recent times.Post the Paytm’s lukewarm listing, founder Vijay Shekhar Sharma had said, any day's share price will actually never be a true reflection of the company’s opportunity and scale."People will take time to understand the business model. The fact that a payment company can do financial services like private insurance and wealth is something new to the Indian stock market... Over the period it will show up what this business model and scale is," he said.Also Read | Paytm tepid start: More listing dips likely to impact pricing, say expertsPaytm posted its financial results for the quarter ended September 30, 2021, last week. It saw losses in Q2 widen to Rs 473 crore, up 24 percent sequentially and 8.5 percent annually, as expenses increased. The payment platform’s revenue from operations for the second quarter of the fiscal jumped 63.6 percent to Rs 1,086.4 crore on a year-on-year (Y-o-Y) basis.Paytm shares extended losses to the fifth straight day today, ending 2.21 percent lower from their previous close, at Rs 1600.45 per share on the Bombay Stock Exchange (BSE).