ICICI Direct's research report on Sun TV Revenues were at Rs 589.4 crore vs. our estimate of Rs 618.0 crore. Subscription revenues grew 17.0 percent YoY to Rs 241.9 crore, owing to robust growth in cable subscription revenues, aided by inclusion of digital revenue. Advertisement revenue, however, posted de-growth of 6.8 percent YoY due to more pronounced impact from demonetization as it has a higher dependency on regional advertising. Outlook With the acquittal news, the stock witnessed a significant rally on the bourses. We feel the stock is yet to reflect its full potential. We value the stock at 24x FY19E EPS of Rs 35.4. Hence, we arrive at a target price of Rs 850 and maintain BUY recommendation. – Money Control