While maintaining a ‘Buy’ rating, the brokerage has raised target prices for Sun TV to Rs 590 (Rs 490 earlier), Dish TV to Rs 18 (Rs 10), Jagran Prakashan to Rs 59 (Rs 50) and DB Corp to Rs 124 (Rs 120).

However, Zee Entertainment stood among its top pick due to compelling valuations. CLSA has revised the price for Zee upward to Rs 280 from Rs 255 earlier.

“Advertisement growth will return in the second half of FY21, with Zee leading ad revenue at 13 per cent and 15 per cent YoY growth in FY22 and FY23,” CLSA said adding subscription revenue also continues to grow for top broadcasters, and Zee has seen a big rebound in viewership.

The overseas firm also added that media businesses are resilient and have a net cash balance sheet.

“Zee and Sun ad recovery is at around 90 per cent of pre-Covid-19, while Hindi print media companies DB Corp and Jagran led by non-metro presence are seeing a comparable recovery,” the brokerage said.

Shares of Zee Entertainment traded 1.32 per cent higher at Rs 223 at around 10.10 am (IST), while the benchmark BSE Sensex was down 0.05 per cent at 38,828 at around the same time. DB Corp, Sun TV and Jagran Prakashan were up 1.62 per cent, 2.95 per cent and 1 per cent at Rs 78.60, Rs 498.65 and Rs 38.85, respectively.