Oddo BHF downgrades its opinion on M6 from 'outperform' to 'neutral', with a new target price of 18 euros (vs. 20 euros previously), reversing its preference in the sector in favor of its peer TF1.

While 'M6 shares remain very cheap and the company is very well managed', the research department expects the advertising trend to remain soft in the short term on the French market, and believes that 2024 could be more favorable for TF1 thanks to the success of TF1+.

Oddo BHF adds that the audience trend in radio is rather difficult in the short term, particularly in the face of NRJ Group, and that 'speculative momentum is now absent', as a further increase in CMA CGM's capital has finally not materialized.

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