Pair of downgrades for Mediaset
The bad news continued to mount for Italian broadcaster Mediaset on Tuesday as two investment banks lowered their outlooks for the company. Morgan Stanley cut its target for Mediaset shares to €7.80 ($10.45), below their 52-week low, while Hildebrandt and Ferrar lowered its recommendation to "reduce" from "hold." Both banks cited rising costs, a sagging advertising market and limited growth prospects tied to a pending media sector reform plan. Mediaset shares traded lower most of the day but finished up €0.04 (5 cents) during a strong trading day on the Italian bourse.