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Investing.com - Jefferies downgraded oOh!media (ASX:OML) from Buy to Hold on Wednesday, while maintaining a price target of AUD1.80.
The downgrade follows a period of significant outperformance by the outdoor advertising company, which has delivered returns approximately 60% higher than the ASX 300 index over the past four months.
Despite the rating change, Jefferies maintained its financial forecasts for oOh!media, noting that out-of-home advertising continues to be the only traditional media format the firm recommends for investors.
The sector has demonstrated strong performance, with double-digit advertising revenue growth of 13% year-over-year during the five months ending in May.
Jefferies also highlighted uncertainty surrounding the renewal of oOh!media’s Auckland Transport contract, which represents approximately 5% of the company’s group revenue, stating that they are "still awaiting news" on this development.
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