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Mediaset Espana: shares jump after broker upgrade.

(CercleFinance.com) - Shares of Mediaset Espana, the owner of Spain's Telecinco channel, are up over 3% on Tuesday, after a broker upgraded the stock, citing optimism on the Spanish TV market.

UBS has upgraded the shares from "neutral" to "buy," while maintaining its estimates and 10.20 target price unchanged.

"We believe Mediaset Espana is now well positioned to leverage an inflating ad market in 2018. We expect Mediaset to benefit from a recovery in audience share as they cycle new channel launches," UBS wrote in a research report about European broadcasting.

Mediaset Espana shares were up 3.2% at over 9.6 euros in late morning trading in Madrid.

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