PVR Shares Up Another 2%: What's Behind The Surge

Shares of PVR continued the two-session gaining streak on Wednesday as the stock jumped around 2% as the markets opened for business.

What Happened: Bank of America and CLSA maintained the ‘buy’ rating on the entertainment giant. The global brokerage firm CLSA has a price target of ₹2,500 – an over 60% upside from the stock’s last closing price of ₹1,527.65. BofA shared the view as the firm had a target price of ₹2,405 for the stock.

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CLSA sees the theater occupancy resurging in PVR-Inox. The brokerage firm noted that the company looks to add 180-200 screens annually and is looking to accelerate growth in South India. BofA highlighted that the company has completed the merger and the focus is now on synergies and expansion.

Shares of the company have had a tough start to the year as the stock has fallen around 10% year-to-date.

Price Action: PVR shares traded 1.85% higher at ₹1,555.85 as the markets opened on Wednesday.

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Posted In: Bank Of America Investment BankingCLSAINOXmergermovie theater stocksMovie TheatresPVR