Jefferies cuts PT for Australia's HT&E on lower earnings view

ARN Media

09/01/2023 23:47

** Jefferies retains rating of "buy" for Australia's HT&E
Ltd  HT1.AX  and cuts stock price target to A$1.65 from A$1.80
due to lower earnings outlook
    ** Brokerage cuts the media and entertainment co's FY22-FY24
revenue estimate by 2%
    ** Cuts FY22 net profit after tax (NPAT) estimate by 5% for
FY22 and 7% for FY23 
    ** Brokerage says broadcast radio remains under pressure
from digital audio interfaces and streaming services
    ** We believe HT1 can largely offset any potential broadcast
revenue losses over time with digital revenue gains - Jefferies 
    ** Six of eight analysts rate the stock "buy" or higher and
two "sell" or lower; their median PT is A$1.70 – Refinitiv Eikon
data 
    ** HT1 stock lost 54% in 2022
      ($1 = 1.4463 Australian dollars)
 (Reporting by Udbhav Krishna P)
 ((UdbhavKrishna.P@thomsonreuters.com;))