(Bloomberg) -- Canal+ SA rallied after the French media company got its first buy recommendations following a tepid London trading debut this week.
The shares jumped as much as 10% to be the best performer on the Stoxx Europe 600 index on Wednesday after Barclays Plc started coverage with a recommendation of overweight and Bernstein rated the shares outperform. The latter’s price target of 355 pence suggested 68% upside from Tuesday’s close.
Bernstein analyst Christophe Cherblanc said Canal+ has maintained its relevance in a “Netflix-dominated world,” in part by reducing its dependence on content from any single genre or supplier. Barclays said the shares have “deep value,” though cautioned investors that patience may be required.
Canal+ was the largest of three companies being spun out of the parent business, Vivendi SE. It was seen as a boost for the London Stock Exchange, which has suffered from companies choosing to switch main listings to New York and outflows from UK equity funds.
Read: Canal+ Shares Debut in London in Muted Start for Vivendi Split
--With assistance from Henry Ren and Neil Campling.
©2024 Bloomberg L.P.