TF1: UBS abandons buy rating
(CercleFinance.com) - With the share of French audiovisual group TF1 having soared 32% since the start of 2019, this morning UBS has abandoned its buy rating on the share, adopting a neutral stance.
The broker maintains its 12-month target price of nine euros.
Analysts note that the TF1 share has recorded the best performance in its sector since last Christmas, thanks to the catalysts that could constitute more favourable regulatory conditions, strict cost control and an upbeat French advertising market in 2019, which is exceptional.
That being said, all this now seems well valued, UBS believes, especially as the group's comparison basis will become more difficult, and that investments (Salto) are expected to increase. Finally, trading at a 2019 P/E of 10x, the TF1 shares seems to be fairly priced.
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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.
The broker maintains its 12-month target price of nine euros.
Analysts note that the TF1 share has recorded the best performance in its sector since last Christmas, thanks to the catalysts that could constitute more favourable regulatory conditions, strict cost control and an upbeat French advertising market in 2019, which is exceptional.
That being said, all this now seems well valued, UBS believes, especially as the group's comparison basis will become more difficult, and that investments (Salto) are expected to increase. Finally, trading at a 2019 P/E of 10x, the TF1 shares seems to be fairly priced.
Copyright (c) 2019 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.