NEC - Deutsche Bank rates the stock as Hold
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Nine's AGM trading update was upbeat, highlighting a first half ad market decline not as bad as feared. The second quarter even looks slightly positive. Nine's market share also appears to be well above expectations provided at the company's August result, the broker notes.
Guidance has subsequently been tightened to the upper end of forecasts. The broker lifts its target to $1.50 from $1.40 but suggests in the wake of a less positive update from rival Seven West Media ((SWM), Nine's improvement is about increased ratings and not market-wide improvement. Hold retained.
Target price is $1.50.Current Price is $1.56. Difference: ($0.06) - (brackets indicate current price is over target). If NEC meets the Deutsche Bank target it will return approximately -4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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