November 30, 2018 / 8:09 AM / 4 months ago

BUZZ-India's Sun TV Network hits 2-wk low; HSBC cuts PT on declining viewership woes

** Shares of Sun TV Network Ltd fall as much as 4.36 pct to 589.4 rupees, their lowest in a fortnight

** HSBC Global Research cuts Sun TV’s price target to 703 rupees from 855 rupees; maintains “hold” rating

** Biggest worry is co’s constant declining viewership share; new channel also not getting much traction, HSBC said in a note

** Higher investment required for co to enter new markets as announced along with investment in digital platform - HSBC

** Upcoming general elections will also likely create uncertainty over advertising with majority of TV channels owned by political parties in South India - HSBC

** 19 of 24 brokerages covering stock have “buy” or equivalent rating, three have “hold” while two rated stock a “sell”; median price target of 841 rupees - Refinitiv data

** Over 2.4 mln shares changed hands vs 30-day avg of about 1.6 mln shares

** Stock posts biggest intra-day pct drop since Nov 5

** Co has forward PE of 17.49, slightly above sector median of 17.27

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