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Zee shares bounce back 8%. Has the media stock bottomed out?
Zee Entertainment shares rallied today after Tuesday's crash. Traders expect potential deals following Sony's termination of the proposed merger with Zee. Zee has refuted Sony's claims and plans to explore legal options. The stock has faced de-ratings and sell calls due to pending investigations and weak performance. Challenges include subdued advertising business and competition in the subscription and OTT markets. Analysts have downgraded the stock and slashed earnings estimates. Zee's valuation is expected to de-rate back to 12x PE.