Blackbuck shares dropped over 4% in morning trade after Morgan Stanley initiated an “underweight” rating on Zinka Logistics, setting a target price of ₹450. This suggests a 16% downside from the current price of ₹538.
While Morgan Stanley acknowledged Zinka Logistics’ strong competitive position and improving profitability, the brokerage expressed concerns over the stock’s recent 105% surge since its November 2024 listing. At a valuation of 34x FY27 adjusted EBITDA, the stock is seen as expensive compared to peers, making the risk-reward unfavorable.
Blackbuck shares opened at ₹534.00, with a high of ₹536.50 and a low of ₹510.20 today. The stock has seen a 52-week high of ₹550.70 and a 52-week low of ₹248.35, reflecting its recent performance in the market.
As of 9:29 a.m., Blackbuck shares were trading 3.88% lower at Rs 513.25 on the NSE.
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