For Bernstein, Mediaset's recent run on the stock market reflects an "irrational exuberance" and for this reason he lowered the rating on the stock to "underperform" from "market-perform" while raising the target price to 1,65 from 1,2 euro.
Mediaset, recalls the broker, appreciated "spectacularly" (+113%) from the low of 1,17 euros on 16 November last, even if it has not fully recovered the ground lost in the last 18 months against the MSCI index Europe. Since the peaks of September 2000 it has lost 90% of its value and has underdone the market by more than 70%. Only in the last 12 months has he done better (by about 50%).
Since the last quarter of 14 May, which showed margins above expectations due to the decisive cost cut, the share has further accelerated. In the last five sessions it has gained 13%; today, around 11 am, it dropped 4% to 2,394 euros in a subdued market. Average volumes.
