Research analysts at Wunderlich began coverage on shares of Central European Media Enterprises Ltd. (NASDAQ:CETV) in a note issued to investors on Thursday. The firm set a “buy” rating and a $3.30 price target on the stock. Wunderlich’s target price suggests a potential upside of 41.63% from the company’s previous close.
The analysts wrote, “CETV is a unique play on high advertising growth Eastern European broadcasting.””These markets are achieving GDP growth rates generally superior to ‘old Europe’ economies, coincident with gradual increases in the share of GDP dedicated to advertising,” analyst Matthew Harrigan wrote in a note.Harrigan noted the long-term growth of the company should be powered by modest advertising shares to GDP and ample headroom for advertising outside traditional consumer goods mainstays.An analysis cited by co-CEO Christoph Mainusch said TV advertising is actually increasing share of the overall advertising pie in CETV markets, up from 47 percent to 54 percent in 10 years.Related Link: Worried About Netflix? Here’s An Uber Bullish Take”CETV is the ‘whale’ across its markets, with broadcast viewing share ranging from 29 percent to 49 percent during Q216, while achieving superior power ratios (share of advertising spend relative to viewing),”
Separately, Peel Hunt reissued an “outperform” rating on shares of Central European Media Enterprises in a report on Friday, September 9th.
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Central European Media Enterprises (NASDAQ:CETV) traded up 4.02% during mid-day trading on Thursday, hitting $2.33. The stock had a trading volume of 175,420 shares. The company has a 50-day moving average price of $2.33 and a 200 day moving average price of $2.40. The company’s market cap is $331.69 million. Central European Media Enterprises has a 1-year low of $1.92 and a 1-year high of $2.96.
Central European Media Enterprises (NASDAQ:CETV) last announced its quarterly earnings results on Tuesday, July 26th. The company reported ($0.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by $0.08. Central European Media Enterprises had a negative net margin of 34.79% and a negative return on equity of 157.82%. The firm earned $175.20 million during the quarter, compared to analyst estimates of $166.80 million. Equities research analysts forecast that Central European Media Enterprises will post ($0.80) EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of CETV. NN Investment Partners Holdings N.V. bought a new stake in Central European Media Enterprises during the second quarter valued at approximately $169,000. Emerald Acquisition Ltd. bought a new stake in Central European Media Enterprises during the second quarter valued at approximately $272,000. Spark Investment Management LLC boosted its stake in Central European Media Enterprises by 545.7% in the first quarter. Spark Investment Management LLC now owns 121,400 shares of the company’s stock valued at $309,000 after buying an additional 102,600 shares in the last quarter. California State Teachers Retirement System boosted its stake in Central European Media Enterprises by 2.7% in the second quarter. California State Teachers Retirement System now owns 160,356 shares of the company’s stock valued at $338,000 after buying an additional 4,252 shares in the last quarter. Finally, FMR LLC bought a new stake in Central European Media Enterprises during the second quarter valued at approximately $367,000. 31.19% of the stock is currently owned by institutional investors and hedge funds.
About Central European Media Enterprises
Central European Media Enterprises Ltd. (CME Ltd.) is a media and entertainment company operating in Central and Eastern Europe. The Company’s assets are held through a series of Dutch and Curacao holding companies. The Company manages its business on a geographical basis, with six segments: Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia.
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