Goldman Sachs cuts target prices on ZEE, Dish TV

Goldman Sachs has lowered target prices on select Zee Group stocks as they continue to see an overhang on account pledged shares at the promoter level.

The brokerage has cut target price on Zee Entertainment EnterprisesNSE 0.63 % (ZEE) by 28 per cent to Rs 347 and trimmed Dish TVNSE -0.71 % India target price by 24 per cent to Rs 22.

“Post the stock price correction, both Zee and Dish trade at valuations which are close to historical troughs, but we stay on the sidelines and remain neutral given the lack of clarity on pledged shares,” said Manish Adukia and Piyush Mubayi of Goldman Sachs in a note.