BUZZ-Goldman Sachs cites streaming growth, margin expansion for India's Amagi Labs; stock up

Goldman Sachs Group, Inc.

Goldman Sachs Group, Inc.

GS

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** Shares of Amagi Media Labs AMAI.NS up 1% at 537.2 rupees

** Goldman Sachs maintains "Buy" on the cloud-based media technology provider, keeps PT at 480 rupees

** Says Amagi is seeing good traction across various markets in the streaming segment; AMAI says it can grow revenue in line with recent trends over the medium term

** GS says Amagi's business model has high operating leverage; expects margins to expand to 20% by FY30E and revenue to grow at CAGR of 20% over FY26-30E

** Flags negative impact from AI evolution and higher-than-expected revenue pressure in the cable/broadcasting industry as key risks

** Stock up 68.6% since listing on January 21


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