Jefferies downgrades Info Edge to hold, target increases to Rs 1150
Shares of Info Edge India trading flat on Friday as foreign brokerage Jefferies has downgraded the stock to hold from buy rating.
However, it has hiked price target to Rs 1,150 from Rs 1,118.
The firm has downgraded the stock as risk-reward unfavourable, while hiked the target price to factor in higher value for Zomato.
Prospects for Zomato have improved over the last 12 months, helped by strong momentum in online ordering and lower cash burn, it added.
It further said that the current stock price already reflects recoveries in Naukri and 99acres and investors should wait for better entry points.
At 11:15 hrs Info Edge India was quoting at Rs 1,200, down Rs 1.65, or 0.14 percent on the BSE.
Posted by Rakesh Patil