Vivendi: UBS reduces target price

(CercleFinance.com) - UBS reiterates its Buy recommendation following Vivendi's H1 results, while reducing its target price to E12.
5 (from E15.5).

We have reduced our target price to E12.5 to reflect the higher investment in Canal+ content, which is hurting cash flow and leading to a lower UMG share price, UBS says.

Net attributable income came in at E159m (-8.3%), for adjusted net income of E329m (+1.5%), giving unchanged adjusted EPS of E0.32.

Vivendi management says that it is looking forward to the rest of the year with confidence.


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