Some good news amid yesterday’s second big sell-off in a row (thanks to Donald Trump). Shares in out of home ad group oOh!media soared by more than 30% after it upgraded earning guidance for the financial year ending December 31.
In an odd note, OohMedia chief executive Brendon Cook yesterday ruled out an equity raising and moved to settle nervous shareholders after confirming downgraded guidance issued earlier this month for the year to December.
Cochlear’s 2018-19 results topped market expectations, Newcrest has ridden the rising gold price higher, Domain has cut its full-year dividend while investors have given oOh! Media’s 2019 profit downgrade a big thumbs down.
Credit Suisse updates forecasts to account for the Adshel acquisition. Full cost synergies are unlikely to be achieved until 2020, which contributes to double-digit earnings upgrades for that period. Credit Suisse reinstates coverage with a $5.80 target and Outperform rating. A new analyst assumes coverage of the stock.