Zee Entertainment share price jumps after Citi upgrades stock to buy
Citi believes that the risk-reward seems to be turning more positive adding that new target is mainly driven by an increase in multiple to 14x FY22E earnings.
August 20, 2020 / 09:45 AM IST
Zee Entertainment Enterprises share price jumped over 4 percent in the morning trade on August 20 after Citi upgraded the stock to buy.
The global research firm has upgraded the stock to buy from neutral and has raised the target to Rs 240 per share. It is of the view that the stock may remain volatile with execution remaining the key, according to a CNBC-TV18 report.
The firm believes that the risk-reward seems to be turning more positive adding that the new target is mainly driven by an increase in multiple to 14x FY22E earnings.
It is the top index gainer and was trading at Rs 200.45, up Rs 3.40, or 1.73 percent. It has touched an intraday high of Rs 206.90 and an intraday low of Rs 193.05.
The company on August 18, has posted 94.28 percent YoY fall in its consolidated Q1 net profit at Rs 30.37 crore versus Rs 530.57 crore. Revenue was down 34.66 percent YoY at Rs 1,312.03 crore versus Rs 2,008.12 crore.
CLSA has retained a buy call with a target at Rs 255 per share. Improved disclosures, TV viewership jump & advisement growth to return in H2, said CLSA.
Macquarie has maintained an outperform rating with a target at Rs 250 per share. FY21-23E earnings per share (EPS) was up 3-5%, while it raised FY22E price-earnings ratio (PER) target multiple to 14x from 12x, it added.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.