Barclays reiterates its 'underweight' recommendation on M6, while raising its target price from 13 to 13.50 euros, due to higher multiples as part of an updated model for the French media group.

The broker has reduced its EPS estimates by 0.9% to 1.66 euros for 2024, by 1% to 1.71 euros for 2025 and by 1% to 1.72 euros for 2026, but these levels are above consensus of 2.3%, 8.9% and 14.9% respectively for these three years.

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