BackHDFC Securities see 34% upside in this media stock
Zee Entertainment share price is down 24% in the last one year.
PremiumHDFC Securities Retail Research expects a 34% upside in the Zee Entertainment Enterprises share price in the next two to six months. The current market price of Zee Entertainment is ₹221. The brokerage recommends to buy the stock between ₹220- ₹232, with a stop loss of ₹200. It has set a target price of ₹296. The stock is down 24% year to date. Zee Entertainment Enterprises is a large cap company incorporated in 1982. It has a market cap of ₹21,121 crore.
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Company witnessed a QoQ 32% revenue growth in quarter ended September. The growth was highest in the last three years. Totyal Income of te cpompany stood at ₹1,761 crore. Net profit more than tripled to ₹94.07 crore.
"After correcting from a high of ₹619 touched in January 2018, ZEE Entertainment found support around the 114 levels in March 2020. These levels also roughly acted as a support in 2011, indicating a major double bottom formation. The stock has since then rebounded and gradually moved higher," says HDFC Securities Retail Research.
The brokerage believes, technical indicators are giving positive signals. Weekly and monthly technical setups are looking positive, which augurs well for the intermediate uptrend to continue.
"We believe the stock is ready to continue the next leg of its underlying uptrend and has the potential to move higher in the coming weeks," says the brokerage.
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