ProSieben: Berenberg cuts target; keeps 'buy' rating
(CercleFinance.com) - Berenberg has lowered its target price on German broadcaster ProSiebenSat.
1 to 24 euros from 38 euros, but maintained its "buy" rating on the shares.
"With new management having now rebased estimates, we believe there is far greater upside opportunity than downside risk," the German broker said in a note to clients.
"Management has set a target of 10-15% total shareholder return on an annual basis to 2023, a goal that is not currently priced into the shares," it added.
At 12:15, ProSieben shares were down 1.3 percent at 17.6 euros. The stock has fallen over 38 percent so far this year.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
1 to 24 euros from 38 euros, but maintained its "buy" rating on the shares.
"With new management having now rebased estimates, we believe there is far greater upside opportunity than downside risk," the German broker said in a note to clients.
"Management has set a target of 10-15% total shareholder return on an annual basis to 2023, a goal that is not currently priced into the shares," it added.
At 12:15, ProSieben shares were down 1.3 percent at 17.6 euros. The stock has fallen over 38 percent so far this year.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.