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Mediaset Raised on Better Macro; Pay-TV News Cherry on Cake: JPM 2013-12-20 08:23:08.867 GMT
By Blanche Gatt Dec. 20 (Bloomberg) -- Mediaset upgraded to overweight from neutral at JPMorgan on optimism about Euro area economy; PT raised to EU4.3 from EU3.7. * JPMorgan sees Mediaset ad rev. rebounding in 2014 after hitting “trough levels” in 2013 * Says co. has successfully cut operating costs, increased operating leverage * Potential development of single, stand-alone Pay-TV co. would be “cherry on the cake,” JPMorgan says * Potential spin-off could add EU0.4 to new PT of EU4.3 * Shares up as much as 3.1% today, extending yday’s 16% jump; vol. 71% of 3-mo. daily avg. at 9:15am CET * Mediaset has 6 buys, 10 holds, 10 sells; avg. PT EU3.4 implies upside of 0.6%; up 118% YTD: data compiled by Bloomberg * NOTE yday: Mediaset Jumps; Banca Akros Lifts to Hold on Pay- TV Potential * NOTE Dec. 18: Mediaset Mulls Turning Pay-TV Activities Into Standalone Co.
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--Editor: James Cone
To contact the reporter on this story: Blanche Gatt in London at +44-20-7392-0351 or bgatt@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net