oOh!media shares edge up after Macquarie upgrade
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The news: Shares in oOh!media lifted after Macquarie upgraded its rating on the outdoor advertising company.
The numbers: oOh!media shares were up 1.3% to $1.20 by 10:45am AEDT, having slumped nearly 30% over the last 12 months.
Macquarie upgraded the stock to 'outperform' but lowered its target price from $1.56 to $1.45. It also revised its earnings-per-share estimates by 7% in FY25, and 11% in both FY26 and FY27.
The context: Macquarie analysts said they are attracted to the out-of-home advertising category, which is expected to see growth of more than 4% annually within Australia, outpacing overall ad spend growth in the medium term.
The wider ad market is also primed for growth this year, they noted, driven by expected rate cuts flowing through to improved consumer and business confidence, and higher ad spend.
The source: Macquarie research
