Shares of Just Dial Ltd. declined over 4% on Tuesday, October 14, as brokerages cut their price targets by up to 6% after the company reported its September quarter earnings .

While brokerages Citi and Nuvama both have maintained their "buy" recommendations on the stock, they have both marginally cut their respective price targets.

Citi

Citi has a "buy" rating on Just Dial and has cut its price target by 3.6% from ₹1,100 to ₹1,060. The revised price target implies a potential upside of 23% from Monday's closing.

Just Dial needs to invest for growth — sales fleet, product, traffic acquisition —and its EBITDA growth beyond the topline will be driven by operating leverage, Citi said.

Just Dial's current price values the stock at six times ex-cash price-to-estimated earnings for Marc

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