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M6: Oddo raises target price after results

( - Oddo BHF maintains its "outperform" rating on M6 shares, nudging up its target price for them from 19 euros to 20 euros (cp: E13.
7, -3%), following 2022 results that fell slightly short of its expectations, while exceeding the consensus.

The quarter was difficult due to the slowdown in expenditure by certain advertisers, such as those in the automotive and food industries. However, this trend was offset by strict cost control, particularly in the grid, the broker said.

Analysts understand that the advertising trend in Q1 is positive for the moment, despite visibility that remains low, the analyst adds, who has increased earnings estimates for 2023.

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