UBS says 16.8% lower Q1 ad revenues for Zee Entertainment ZEE.NS, despite steady or growing ad spends by FMCG companies, shows a structural shift of advertisers to digital platforms
ZEE shares last down 3.8% to 128.7 rupees
UBS is cautious on the broadcaster, retaining a "neutral" rating, with PT unchanged at 140 rupees
Average of 16 analysts' rating on stock is "hold;" median PT is 145.5 rupees - data compiled by LSEG
YTD, ZEE up 6%