GS sees operating momentum improvement, ups Schibsted to 'buy'

Adevinta ASA

25/07/2023 12:03

** Goldman Sachs upgrades Schibsted  SCHA.OL  to "buy" from
"neutral", raises target price by 16% to NOK 259.5, seeing
improving operating momentum and profitability trends in H2 for
the Norwegian media company 
    ** The brokerage cites more favourable comparables in
jobs/advertising from Q3, ramp up of cost savings in News Media
unit and annualisation of the headcount investment made from Q2
2022
    ** Schibsted said it would provide an update on its
preferred solution regarding its stake in online classifieds
group Adevinta  ADEA.OL  by October 2023 the latest 
    ** As the above coincides with the lock-up expiry, GS adds
that it expects "a potential value crystallisation opportunity"
in the near-term
    ** The stock is up 2.1% at 1058 GMT
    ** Out of 15 analysts that cover the Schibsted stock, 11
rate it "strong buy" or "buy", and four rate it "hold"
    

 (Reporting by Marta Frackowiak)
 ((marta.frackowiak@thomsonreuters.com))