Wednesday May 7, 02:14 PM
Telegraaf Media downgraded to "hold"
By SNS Securities
LONDON, May 7 (newratings.com) - Analyst Michel Veul of SNS Securities downgrades Telegraaf Media Group (ticker: HJT) from "accumulate" to "hold." The target price is set to E23.
In a research note published this morning, the analyst mentions that
the company has posted a 4%-7% decline in its print advertising revenues for 1Q. On account of the tough economic conditions in Europe, the Dutch advertising market is expected to continue to deteriorate, with the print advertising markets being more negatively impacted than the other segments, the analyst says. Despite the accelerated cost-saving measures, Telegraaf Media is unlikely to achieve its FY08 targets, SNS Securities adds. The downgrade in rating follows the recent appreciation in the company's share prices and reflects the current challenging market conditions, according to the analyst.
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