The share price of Just Dial gained 8 percent intraday on March 31 after Jefferies upgraded the stock to "buy".
"We upgraded on the back of compelling valuation and favourable risk-reward. The company has Rs 235 per share of cash on balance sheet and clean history on the use of cash," said the global brokerage.
Just Dial has a reasonably robust business with 5.35 lakh paid campaigns, it added.
However, the brokerage cut the price target to Rs 430 from Rs 500 per share, as it cut EPS estimates over FY20-21.
The stock was trading at Rs 291.55, up Rs 11.35, or 4.05 percent, on the BSE at 1047 hours.