Day of achievements on the Mediaset stock, which at the end of the morning yielded more than two and a half points to Piazza Affari. The reports of some brokers had supported the rally of the last few sessions (+9% on Thursday and +5,8% on Friday). Similarly, today's sales surge was triggered by a downgrade of Deutsche Bank, which cut the judgment on the Alfa Romeo from "buy" to "hold", predicting that the title would need a "pause to catch its breath". According to the German Bank, Mediaset's shares could go up again, but not before the February elections.
According to Deutsche Bank, the rise in the value of shares, which has risen from 1,4 to 2,1 euros since December, is partly explained by the revaluation of equity investments in Mediaset Espana and EI Towers, factors that led the Bank to raise the target price of the Italian group from 2 to 2,3 euros.
Among the scenarios that leave room for further upside is the possibility of a partnership for Mediaset Premium, already at the center of much speculation in 2012. Several American groups, on the other hand, have recently shown interest in the European television sector (Discovery in Italy, NewsCorp in Sky Deutscheland, Time Warner in Cme – Central European Media Enterprises).
Deutsche Bank also talks about a future recovery of the advertising market and the fact that "the coverage has ended, but the overdraft remains the highest in the sector". Changes which, however, are not yet upon us: "The signals on January advertising do not suggest improvements compared to the trend in the fourth quarter, with Mediaset at -15%/-20% and the elections of 24-25 February will probably further slow investments, depressing first quarter results.”
