BUZZ-Morgan Stanley cuts PT on Australia's ARN Media on lower H2 rev outlook; stock falls
Reuters
Sep 03
BUZZ-<a href="https://laohu8.com/S/MTK">Morgan Stanley</a> cuts PT on Australia's ARN Media on lower H2 rev outlook; stock falls
** ARN Media A1N.AX falls 4% to A$0.485
** Morgan Stanley cuts PT to A$0.40 from A$0.50 "as a result of the lower earnings outlook"; maintains "underweight"
** Last month, radio broadcasting and outdoor advertising firm said it expected a low- to mid-single-digit decline in H2 revenue growth
** Brokerage says co's Hong Kong billboard business Cody Outdoor's sale process underway; calls investment strategic setback
** Says challenging for co to operate in declining radio industry, exacerbated by competition from Australian radio network operators like Southern Cross Media Group SXL.AX, Nova Entertainment
** YTD, A1N down 34%
($1 = A$1.5389)
(Reporting by Keshav Singh Chundawat in Bengaluru)
((Keshav.SinghChundawat@thomsonreuters.com;))
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