SXL - Macquarie rates as Neutral
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First half results were softer than expected. This is largely because of weakness in metro radio, Macquarie observes, where revenue fell 3.0%. Regional radio continues to deliver growth, up 4.4%.
The broker believes the company has addressed part of the first half weakness in metro yet, given the mixed outlook and a lack of positive catalysts in the near term, a Neutral rating is retained. Target drops to $1.18 from $1.35.
Target price is $1.18.Current Price is $1.07. Difference: $0.11 - (brackets indicate current price is over target). If SXL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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