Kotak Securities is bullish on Jagran Prakashan and has recommended accumulate rating on the stock with a target price of Rs 140, in its research report dated December 18, 2014.
"Jagran Prakashan's acquisition of MBPL is a step in the right direction for the company, given likelihood of higher growth in radio. Further, the management has assured that the acquisition has been done at a fairly reasonable valuation, and the company has, to a degree, protected itself from the downsides that may arise from license renewals. Valuations are reasonable at 13.6x PER FY16E. We raise Jagran Prakashan to ACCUMULATE, with a price target of Rs 140. Following the acquisition and capital commitments made, we believe Jagran's relative position in Uttar Pradesh market would be the key monitorable/ key risk to our upgrade", says Kotak Securities research report.
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