0045 GMT - Macquarie analysts admit their bullish calls on Nine Entertainment and oOh!media are early, considering the challenging near-term outlook facing Australia's advertising market. They tell clients in a note that valuations are at multiyear lows, and that both companies will have significant operating leverage when ad markets eventually improve. For now, things remain challenging. The analysts acknowledge that February advertising spending in Australia fell 5% from a year earlier, and that interest-rate rises could continue to weigh through October. Macquarie raises its recommendation on media conglomerate Nine to outperform from neutral, cutting its target price 4.2% to A$1.15. It keeps an outperform rating and A$1.40 target price on outdoor advertiser oOh!media. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 01, 2026 20:45 ET (00:45 GMT)

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