0001 GMT - UBS takes billboard owner oOh!media off its buy list, despite outdoor advertising outperforming the broader advertising industry in 2024. Analyst Evan Karatzas says oOh!media needs to show it has reversed, or at least stabilized, the significant market share losses of last year. Until then, UBS says it doesn't have "comfort oOh!media can deliver an appropriate return on invested capital on what remains a significant level of capex spend (circa 10% of sales)." UBS highlights that oOh!media's return on invested capital has now fallen below its cost of capital to 9%. UBS downgrades oOh!media to neutral, from buy, and cuts its price target by 32% to A$1.25/share. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 03, 2025 19:01 ET (00:01 GMT)
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