Nomura maintains 'buy' on Affle India, target price Rs 1,900

Nomura has maintained buy rating on Affle India with a target price of Rs 1,900 after the company's acquisition of Mediasmart. The acquisition allows Affle to expand into developed markets (Americas and Europe) and Latin America where Affle currently has limited physical presence and which are markets with high cost per converted user (CPCU) rates and better profitability compared to India, said Nomura. The stock ended up 0.3% at Rs 1,800.65 on Monday.