Morgan Stanley cuts PT on Australia's ARN Media on lower H2 rev outlook; stock falls

ARN Media

03/09/2025 05:57

** ARN Media A1N.AX falls 4% to A$0.485

** Morgan Stanley cuts PT to A$0.40 from A$0.50 "as a result of the lower earnings outlook"; maintains "underweight"

** Last month, radio broadcasting and outdoor advertising firm said it expected a low- to mid-single-digit decline in H2 revenue growth

** Brokerage says co's Hong Kong billboard business Cody Outdoor's sale process underway; calls investment strategic setback

** Says challenging for co to operate in declining radio industry, exacerbated by competition from Australian radio network operators like Southern Cross Media Group SXL.AX, Nova Entertainment

** YTD, A1N down 34%

($1 = A$1.5389)

 (Reporting by Keshav Singh Chundawat in Bengaluru)

 ((Keshav.SinghChundawat@thomsonreuters.com;))