** 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))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.