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Fly News Breaks for October 23, 2015
EROS
Oct 23, 2015 | 13:01 EDT
Wells Fargo downgraded Eros International earlier to Market Perform from Outperform citing the "sudden spike" in revenue booked in the UAE, which is driving receivables higher, and its inability to validate the actual ErosNow user count. Wells left management's conference call with analysts "feeling a bit confused" and cut is price target range for shares to $20-$22 from $48-$50. The distributor of Indian language films is training down 15c to $17.42 in afternoon trading. It's tough to audit the ErosNow user count, especially without any monetization around it, Wells tells investors. The firm also questions weather Eros can be free cash positive by the end of FY16, as management expects.
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