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TF1: Oddo BHF still a buyer, raising target price

( - Oddo BHF reiterates its "buy" rating on the TF1 share, having raised its corresponding target price from 7 euros to 7.
5 euros, the day after a virtual roadshow with TF1 during which management confirmed an encouraging trend in September and the third quarter".

The broker has raised its expectations for advertising revenues for this quarter to +0.5% (compared with -4.5%), leading it to raise its EBIT forecast to 157 million euros (compared with 140 million euros previously), a forecast that it says is significantly above the consensus (around 130 million euros Oddo BHF says).

The momentum remains favourable and we are therefore seeing the beginning of a normalisation of advertising in the French market. Visibility remains very low at the end of the year, but we are confident of a lasting recovery, the analyst adds.

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