Jefferies cautious on media sector heading into 2023

Ooh!Media

19/12/2022 20:27

** Analysts at Jefferies cautious on the media sector in
2023 due to slowing macroeconomic environment, poor media
visibilty and rising content costs 
    ** Brokerage cuts PT for media firm Nine Entertainment Co
Holdings Ltd  NEC.AX  to A$2.15 from A$2.21 and rates "hold" 
    ** Jefferies cuts PT for media co Seven West Media Ltd
 SWM.AX  to A$0.49 from A$0.50 and rates "hold" 
    ** Jefferies notes that NEC is relatively insulated from the
structural headwinds impacting traditional media 
    ** Says media firm , Ooh!Media Ltd  OML.AX  is the top pick
in the media sector as it is recovering to pre-covid levels 
    ** 9 of 11 analysts rate NEC "buy" or higher and 2 "hold";
their median PT is A$2.75 - Refinitiv Data    
    ** 3 of 11 analysts rate SWM "buy", 4 "hold" and 4 "sell";
their median PT is A$0.50 - Refinitiv Data    
    ** 5 of 8 analysts rate OML "buy" or higher, and 3 "hold";
their median PT is A$1.60 - Refinitiv Data
    ** As of last close, NEC, SWM and OML shares fall 32.1%,
33.3% and 21.9% respectively YTD 
 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))