UBS views Southern Cross Media's trading update as 'solid'; gives 'buy' rating

Southern Cross Media

21/10/2022 03:43

** UBS views Australia's Southern Cross Media's  SXL.AX 
trading update as solid relative to expectations
    ** The broadcaster says audio revenues for the first four
months of fiscal year have improved by 7%  urn:newsml:reuters.com:*:nASX8W2mn0
    ** Brokerage gives Price Target of A$1.80; rates the stock
'Buy'
    ** UBS currently forecasts 4.5% growth in broadcast audio
revenues in for the first half of fiscal 2023
    ** Brokerage highlights  strength in automotive brand spend
which may offset pressure in other categories
    ** However, the Melboourne headquartered co posted a 6%
slump in television revenues for the first four months of the
fiscal year
    ** Shares of SXL rise as much as 1.7% today    
    ** Three of six analysts rate the stock "buy" or higher; two
"hold" and one "sell" their median PT is A$1.23 – Refinitiv data
    ** Stock has fallen 54.4% this year, as of last close
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))