Vivendi: Credit Suisse raises target price
(CercleFinance.com) - Credit Suisse has reinstated its "outperform" rating on the Vivendi share, raising its corresponding target price to 27.
5 euros (from 26.2 euros), after it increased its EBITA estimates by 14% for 2020, followed by 11% for 2021.
"Our prior financial estimates for FY2020 appear overly cautious post H1, especially for UMG and Canal+ EBITA," the broker says.
It also notes that Vivendi's management is considering an earlier IPO for UMG (currently scheduled for 2023 "at the latest"), given the success of the Warner Music IPO and the currently strong music market.
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