Shares of Sun TV Network snapped a three-day gaining streak on Thursday, falling more than 2 percent amid profit booking, even as Elara Securities (India) retained its ‘buy’ rating on the stock and saw nearly 45 percent upside potential.
Shares of the company were quoted at Rs 623.20 per share on the NSE, down 2.09 percent, at around 1:10 pm, tracking the fall in broader markets.
During the three-day run, the stock had gained more than 6 percent.
Elara Securities (India) retained its ‘buy’ rating on Sun TV Network and raised its target price by nearly 19 percent to Rs 925 per share from Rs 780 earlier.
The brokerage factored in the company’s cash-generative television business, supported by its portfolio of strong sports franchises. It also raised its FY28-FY29 revenue and earnings per share estimates for Sun TV by 4 per cent each, factoring in higher movie revenue.