M6: Liberum raises its target price.
(CercleFinance.com) - Liberum maintains its “hold” rating on M6 and is raising its target price from 18 euros to 20 euros, in the wake of its 3.
5% increase in its 2017 EPS estimates, followed by a 5.3% rise in 2018.
The broker explains that it is raising its TV advertising projections after a better-than-expected first half and a more encouraging tone from management regarding television advertising, which is reflected in its EBITA.
However, Liberum says that “We feel the share price has already caught up with valuation,” justifying it maintaining its hold rating on the stock. “We would suggest TF1 (BUY, TP E13) for exposure to the French TV advertising market.”
Copyright (c) 2017 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.
5% increase in its 2017 EPS estimates, followed by a 5.3% rise in 2018.
The broker explains that it is raising its TV advertising projections after a better-than-expected first half and a more encouraging tone from management regarding television advertising, which is reflected in its EBITA.
However, Liberum says that “We feel the share price has already caught up with valuation,” justifying it maintaining its hold rating on the stock. “We would suggest TF1 (BUY, TP E13) for exposure to the French TV advertising market.”
Copyright (c) 2017 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.