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TF1: Barclays double downgrades stock

( - On Friday Barclays downgraded TF1 by two notches from "overweight" to "underweight" due to the looming recession in Europe.

In a report on the French television group, the broker considers that a merger with M6 now seems unlikely in view of the unfavourable opinion given by the Competition Authority on the operation.

As such, Barclays believes that the broadcaster will find itself somewhat helpless in the face of a possible recession, a scenario that it believes the market is currently not taking into account.

"In the last two recessions, TF1 has underperformed alongside EPS downgrades and troughed when advertising was at its worst (same for all European broadcasters)," analysts say.

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