Shares of Info Edge fell almost 4 percent in morning trade on BSE on September 22 after global brokerage firm Nomura downgraded the stock to neutral.
As per CNBC-TV18, Nomura has fixed a target price of Rs 3,040 for the stock and said that it expects weakness in some of the core businesses such as Naukri & 99acres.
Nomura said it likes the company's strong and well-diversified portfolio but the stock's valuations are rich at the current levels.
Nomura forecasts -13/+28/+20 percent revenue growth in FY21/22/23 and expects a margin of 30.4/32.5/34.5 percent Over FY21/22/23 against 31.6 percent in FY20.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has been witnessing a decline in revenue for the last two quarters.
Shares of Info Edge traded 2.70 percent lower at Rs 3,310 on BSE at 10:30 hours.
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