TF1: Liberum upgrades to 'buy'.

(CercleFinance.com) - Liberum upgraded on Friday its rating on TF1 from "hold" to "buy," while raising its target price from 10 euros to 12 euros, seeing "more recovery potential" after the 2019 strategy has been highlighted.


The brokerage firm says the 2019 strategy, which the French broadcaster presented yesterday, is aiming at a double-digit margin by 2019 (ahead of the current consensus).

Liberum points out that the company plans to achieve this target by monetising a multitude of smaller revenue opportunities, combined with tight cost control.

In a research note, the broker underlines that this margin target is credible, without a recovery in the TV advertising market, which should be incrementally positive if it finally comes through.

Finally, Liberum says that it is encouraged by the new CEO's entrepreneurial attitude, against a relatively defensive stance beforehand.

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