ABN Amro has downgraded its recommendation of European broadcaster RTL from Hold to Reduce this morning, following the release of the group’s year-end financials results (see RTL Says 2001 Earnings Will Be Flat In Current Ad Climate).
The broker says: “For the first time a European broadcaster has admitted that there will be no H2 recovery and that market forecasts are far too high. We believe this has implications for all stocks in the sub sector, with the most impacted being RTL’s direct German competitor ProSieben.”
ABN maintains a negative outlook on the whole broadcasting sector.
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