New Delhi, March 20 -- Zee Entertainment Enterprises Ltd. (ZEEL) shares climbed almost 7 percent in intra-day trading on Thursday, March 20, following a bullish outlook from global brokerage CLSA. The firm maintained an 'outperform' rating on the stock, with a target price of Rs.170, indicating a potential upside of nearly 70 percent from the previous close.

CLSA believes that Zee's stock could potentially double over the next 12-24 months, driven by advertising revenue-led growth, which could help re-rate the stock. The brokerage highlighted that Zee is currently trading at a low price-to-earnings (PE) multiple of 8 times, with the potential to deliver a 22-33 percent EBITDA/PAT compound annual growth rate (CAGR) over financial years 20...