GS says AI, reinvestments to drive European internet & media in 2024

Stroeer SE & Co KGaA

16/01/2024 08:44

** Goldman Sachs sees opportunities for the European
internet and media sector in 2024 from AI, the rise of retail
media, stronger reinvestments, new competition in online
retails, and portfolio optimisations
    ** The broker raises concerns over online food, online
autos, and eCommerce sectors, while it expects some
reinvestments to drive growth
    ** It cuts HelloFresh  HFGG.DE  to "sell" from "neutral",
warning over new competitors entering the market like TikTok,
and Chinese platform Temu
    ** GS raises Publicis  PUBP.PA  to 'buy' from "neutral", 
    while it also highlights information provider Relx  REL.L ,
Wolters Kluwer  WLSNc.AS , Informa  INF.L , Universal Music
 UMG.AS  and Inpost  INPST.AS , all benefiting from structural
tailwinds
    ** It downgrades ITV  ITV.L  to "sell" from "neutral", Pro
7, and media group RTL  AUDK.LU , warning of structural
challenges in both companies
    ** GS also cuts German advertising company Stroeer  SAXG.DE 
to "neutral" from "buy", and raises Nordic information provider
Schibsted  SCHA.OL , and French music distributer Believe
 BLV.PA . both to "neutral" from "sell"

 (Reporting by Nathan Vifflin)
 ((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))