0046 GMT - Nine Entertainment's bull at Morgan Stanley thinks that the Australian media conglomerate's acquisition of outdoor advertiser QMS might be a rare case of a media deal that creates shareholder value. Keeping an outperform rating on the stock, analyst Andrew McLeod tells clients in a note that MS analysis and early feedback from industry channels are both positive. He writes that advertisers and media buyers support the logic of combining Nine's existing platforms with QMS. He doesn't anticipate a step-change in QMS's growth, but thinks that the combination could keep it growing for longer. McLeod wonders whether this might give investors confidence to apply a higher earnings multiple to Nine's shares. MS cuts its target price 26% to A$1.40. Shares are down 0.9% at A$1.055. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

February 25, 2026 19:46 ET (00:46 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.