**Sun TV Share Price Surge: Avendus Spark Upgrades to "Buy"**
The brokerage has set ambitious price targets, raising its outlook to Rs 680 for the upcoming 12 months and Rs 840 over the next three years. These targets suggest a potential upside of 25 percent in the short term and an impressive 54 percent in the long term.
Sun TV shares surge 6% as Avendus upgrades stock to "buy" on strong IPL growth outlook
Avendus Spark has utilized a price-to-earnings multiple of 40x for Sun TV’s IPL business, alongside a multiple of 10x for its core broadcasting operations. This detailed financial analysis reflects strong market confidence in the company’s sports growth narrative.
In a strategic move to enhance its sports portfolio, Sun TV’s board approved the acquisition of a 100 percent stake in Northern Superchargers Ltd., a London-based cricket franchise competing in The Hundred, a professional league overseen by the England and Wales Cricket Board (ECB). This acquisition is valued at £100.5 million (approximately Rs 1,161 crore).
In conclusion, Sun TV’s positive market response reflects the optimism surrounding its future prospects in the sports sector, especially with the IPL's ongoing success.
*Disclaimer: The views and investment advice provided by experts are their own and do not reflect those of the website or its management. Users are encouraged to consult certified experts before making any investment decisions.*