Affle India rises; Citi initiates coverage with 'buy' and street high PT

Affle 3i

09/07/2024 05:18

** Shares of Affle  AFFL.NS  rise as much as 7.1% to 1,465
rupees, highest since Jan 18, 2022
    ** Technology co well positioned to benefit from recovery in
mobile advertisement budgets, said analysts at Citi Research in
a note
    **  Expects earnings before interest and tax margins to
expand by 130bps in FY25, driven by integration of YouAppi, its
mobile app; operating leverage to see growth recovery
    ** Citi Research initiates coverage on co with "Buy" rating;
sets street high PT of 1,600 rupees
    ** More than 790,000 shares change hands, 1x its 30-day avg
    ** Nine analysts covering the stock on avg have a "Buy"
rating; median PT is 1,410 rupees - LSEG data
    ** Stock up 10% so far this year


 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))