1335 GMT - Apple TV+'s commission of a new TV series co-developed by STV Studios marks the continuation of a sustained period of growth for the producer and has brought forward its fiscal 2023 revenue target by 18 months, Shore Capital says. The new series adds to the 20 other commissions secured so far this year and the nine that are already in production, Shore analyst Roddy Davidson says in a note. Shore, which acts as STV Group's house broker, upgrades its anticipated fiscal 2023 Studios revenue to GBP42.5 million, from GBP38.2 million. It also increases STV Group's target price to 524 pence, from 520 pence, saying the stock is substantially undervalued compared with the company's growth potential. Shares currently trade at 280 pence. (pierre.bertrand@wsj.com)
$(END)$ Dow Jones Newswires
June 21, 2022 10:21 ET (14:21 GMT)
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