UBS positive on outlook for Nine Entertainment as Q3 revenues improve

Nine Entertainment Holdings

03/05/2023 02:24

** Analysts at UBS say Australian media company Nine
Entertainment's  NEC.AX  recent third quarter update shows
strong execution within segmental revenues despite challenging
macro-economic conditions 
    ** Brokerage sees a "slightly better" outlook for NEC on
total TV revenue growth as compared to previous UBS forecasts 
    ** NEC's Q3 radio ad revenues grew mid-single digits
compared to last year 
    ** "Price increases pushed through on Stan and Digital
subscriptions are also expected to support improved growth
outlook in these divisions"- UBS 
    ** UBS maintains price target for NEC at A$2.40 per share,
retains "buy" rating 
    ** Shares of down as much as 3.5%, their biggest pct drop
since Feb. 23 
    ** Shares hit their lowest level since April 4
    ** Stock up 10.33% this year, as of last close, vs a 3.25%
increase in the benchmark S&P/ASX 200 index  .AXJO 

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))