Jefferies upgrades Australia's oOh!media to 'buy', positive on near-term view

Ooh!Media

01/08/2024 20:24

** Analysts at Jefferies upgrade stock of oOh!media  OML.AX 
to "buy" rating from "hold" and maintain PT of A$1.75 for stock
    ** Brokerage sees outdoor advertising as a "bright spot"
with spending up 6% YTD vs a 10% and 4% spending fall in TV and
radio, respectively
    ** Brokerage says that while the media firm's Auckland
street furniture contract remains unresolved, overall contract
risk has eased
    ** Jefferies is confident around OML's near-term outlook
    ** Five of eight analysts rate stock "buy" and three "hold";
their median PT is A$1.8 – LSEG data
    ** Stock down 12.1% this year, as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))