While maintaining its 'neutral' recommendation on TF1, UBS lowers its target price from 7.8 to 7.5 euros, a new target that leaves a potential upside of 17% for the French media group's stock.

Pending first-half results, the broker's research note sets out its forecasts, including a 7% drop in TV advertising revenues. With a 2023 PE of around eight times, we believe TF1 to be well valued," he adds.

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