Oddo BHF has reiterated its 'outperform' rating on M6 shares, with a price target raised from 19 to 20 euros, following results for 2022 that came in slightly below its expectations, but above the consensus.

"The quarter was difficult due to a slowdown in investment by certain advertisers such as the automotive and food sectors. This trend was offset by strict cost control, particularly in terms of schedules", he stresses.

"The advertising trend in the first quarter is positive for the time being, as we understand it, despite persistently low visibility", continues the analyst, whose earnings expectations have been revised upwards for 2023.

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