Sell PVR; target of Rs 1020: Axis Direct
Axis Direct is bearish on PVR has recommended sell rating on the stock with a target price of Rs 4020 in its research report dated February 09, 2017.
Axis Direct's research report on PVR
While we like PVR for its strong geographical presence and ability to monetize footfalls (higher SPH/ ad revenue) in the medium term, we believe the near-term upside remains limited given the sharp stock price appreciation (up 14% in past month). Downgrade to SELL (HOLD earlier) on premium valuations (EV/EBITDA of 18x FY17E and 12.5x FY18E) with TP of Rs 1,020 (10x FY18E EV/EBITDA).
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