UBS sees Zee’s 16.8% Q1 ad revenue drop as a sign of advertisers moving to digital; keeps “neutral” rating unchanged.

• Despite strong FMCG ad spends, Zee’s ad revenues fell, hinting at a structural shift away from traditional media.
• Stock down 3.8% to ₹128.7; UBS maintains ₹140 target, citing caution amid digital disruption risks.
• Zee up 6% YTD; analyst consensus remains “hold” with a ₹145.5 median price target.