** Morningstar says the Australian television advertising downturn is showing no signs of abating in the current scenario
** Cuts price target on media firm Nine Entertainment NEC.AX by 7% to A$2.50 and by 8% to A$0.37 on rival Seven West Media SWM.AX
** Brokerage expects both companies to take actions to keep a lid on expenses and improve operating efficiency
** Cuts medium-term EBITDA forecasts for both firms by ~9%
** Nine Entertainment reverses losses after falling as much as 2.7% to A$1.065, hitting lowest since March 2020
** Seven West currently trading flat
** NEC down 45.4% YTD, while SWM is down 38.9%
(Reporting by Namrata Verma in Bengaluru)
((namrata.verma@thomsonreuters.com))
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