** Shares of bill payment tech provider Paymentus PAY.N rise 4.79% to $25.62

** Raymond James upgrades PAY to "strong buy" from "outperform"

** Says, "we believe the recent pullback in the stock (-30% vs. Russell 2000 +13% last 3 months) has created an asymmetric risk/reward"

** Adds, "we anticipate strong 4Q results and see the potential for mid-single digit percent upside to contribution profit $(CP)$ dollars and adj EBITDA"

** Six of eight analysts rate the stock "strong buy" or "buy" and two "hold"; their median PT is $39.13- data compiled by LSEG

** Including session's move, PAY down 21.5% YTD

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com;))