TF1: BarCap upgrades to 'overweight'

(CercleFinance.com) - Barclays Capital (BarCap) has upgraded its recommendation on TF1 to "overweight," maintaining its target price at 12 euros, after the stock's 23% underperformance since the beginning of 2018, the day after its investor day.


"While TF1 investor day was mostly qualitative, we believe it demonstrated that TF1 is moving slowly but surely from being dominated by TV advertising (the Southern European template, still two-thirds of revenues in 2018E) to diversification (the Northern Europe template)," said the broker.

BarCap also sees three sources of upside potential in the nearer term; namely current advertising dynamics, regulatory changes and the usual year-end media rally, with broadcasters largely benefiting.

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