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DJ Zee Entertainment's Shares Seem Expensive -- Market Talk

· 02/05/2021 01:39

0639 GMT - Zee Entertainment Enterprise's shares seem expensive after rising 74% in the past six months, Citi says, as it downgrades the stock to neutral from buy. The U.S. bank maintains its target price of INR265.00, noting that the worst may be over for Zee Entertainment as its core business seems to be recovering from the impact of Covid-19. The Indian entertainment company's cash flows may be hurt by its plans to increase its investment in digital platforms, TV broadcasting and movies. However, these plans lack clarity as the investment amount is still unconfirmed, Citi adds. Shares fall 14% to INR214.75. (yiwei.wong@wsj.com)

(END) Dow Jones Newswires

February 05, 2021 01:39 ET (06:39 GMT)

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