Deutsche Bank advises caution on out-of-home media, cuts Stroeer to 'hold'

Stroeer SE & Co KGaA

16/09/2022 08:59

** Deutsche Bank downgrades German advertising company
Stroeer  SAXG.DE  to "hold" from "buy" and cuts PT by 22.5% to
EUR 62, as it turns more cautious on out-of-home media on
looming macro headwinds
    ** "There is a different set of risks emerging with the
potential recessions that our economists expect in Europe and
beyond," DB says
    ** It says that while Stroeer might still see growth on a
group level in Q3, achieving the full-year outlook might be more
challenging if advertisers curb spending in the all-important Q4
    ** "We therefore prefer to be on the sidelines until we have
greater clarity on how the German economy would fare in Q4," the
brokerage adds
    ** DB also cuts PT of "hold"-rated French peer JCDecaux
 JCDX.PA  by 18% to EUR 18 per share

($1 = 0.9988 euros)


    

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))