Jefferies Raises Price Target on Eros Int'l (EROS) to $20 Following 1Q Report

Jefferies reiterated a Buy rating on Eros International Plc (NYSE: EROS), and raised the price target to $20.00 (from $17.00), following the company's 1Q earnings report. EROS reported revenues of $71M, ahead of $65M expectations. F2Q revenue and adjusted EBITDA estimates are $61M and $10M vs. $70M and $5M.

Analyst John Janedis commented, "EROS reported F1Q rev and EBITDA of $71M and $18.2M, above our $65M / $16.9M expectations. The beat was in large part driven by a more favorable mix of high budget films, and the resumption of catalog sales - although this has also resulted in higher DSOs. Most importantly, mgmt increased its F17 Eros Now sub target to 2M (as F1Q reported 1.1M already tops prev guid. of 1M)."

For an analyst ratings summary and ratings history on Eros International Plc click here. For more ratings news on Eros International Plc click here.

Shares of Eros International Plc closed at $15.20 yesterday.

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