Fine Fourth For TZA Is Good News2/29/2004 7:00 PM Eastern
Independent Research Group restated a "buy" rating on TV Azteca shares last Wednesday, after fourth-quarter revenue at the Mexican broadcaster exceeded expectations — coming in at $204 million, up 12% over the year-ago results.
IRG also estimated upfront sales for the 2004-05 broadcast season rose 6%. "This gives us heightened confidence in our above-consensus forecasts for '04," IRG said in a report.
The analyst, Emmanuel Roco, kept a $12 price target on the stock. The target is based on TZA achieving a 12 multiple on 2004 earnings per share, which would still be a discount to Grupo Televisa and U.S. broadcasters.
TZA closed at $8.62 on Feb. 25.