M6: Bryan Garnier still 'neutral' - raises target

(CercleFinance.com) - While maintaining its "neutral" recommendation on the M6 share, Bryan Garnier has raised its fair value from 21.
2 euros to 23.5 euros, after the publication of Q4 2017 results that were significantly above expectations.

In addition to the changes made to its estimates after this publication, the broker highlights earnings enhancing distribution agreements, as well as adjustments in expectations - both for the company and the French advertising market.

"Despite the quality of the company and healthy momentum in the sector, our recommendation is maintained at Neutral as the market has already priced in part of these catalysts with the share price gaining more than 14% since October," it moderates.


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