It's been a stellar 12-months in terms of share price growth for media entertainment group Nine Entertainment Co Holdings Ltd (ASX: NEC) with today's share price of $2.20 up 84% from its $1.19 share price at this time last year.
Credit Suisse has today downgraded Nine Entertainment Co from outperform to neutral and increased FY18 earnings estimates by 2.9% to "reflect the strong start by Nine to the 2018 ratings year". It also raised FY19 estimates by 8.1%.
The Credit Suisse broker rose the share price target from $2.10 to $2.35 for Nine with a "high-level of sustainable market share" now factored into the price as well as reasonable valuations for digital assets.
Shares in Nine Entertainment zoomed to a 52-week high on March 19 when they reached $2.39 with media peer Macquarie Media Ltd (ASX: MRN) also at the top of its game, but peers Fairfax Media Limited (ASX: FXJ) and HT&E Ltd (ASX: HT1) have not fared well over the same period, with Fairfax slipping 1.8% to 68c per share at the time of writing, and HT&E also down 1% to $1.82.
Nine fared well in its half-year report, increasing NPAT by 55%, easily beating out rival Seven West Media Ltd (ASX: SWM).
