1QFY17 operational performance above est.: ZEE's 1QFY17 EBITDA grew 44% YoY (6% above est.) to INR4.53b. The beat was led by higher-than-expected other sales and services; better sports biz performance and lower programming costs. On a like-to-like basis; PAT grew 22% YoY to INR2.17b (vs. est: INR3.19b). PAT miss was primarily led by loss booked in P&L on account of fair value accounting of ZEE’s preference shares and related spike in finance cost.Motilala Oswal maintain Buy rating with a revised target price of INR530 per share (earlier INR500) based on 28x average FY18 EPS plus INR18/sh toward &TV DCF value less INR18/sh toward pref. share liability.Trendlyne has 10 reports on ZEEL updated in the last year from 4 brokers with an average target of Rs 519.8. Brokers have a rating for ZEEL with 1 upgrade,4 price upgrades in past 6 months and 6 price upgrades in past 1 Year.