Métropole TV Shares Fall Midday After JPMorgan Downgrade
Métropole TV (M6) shares experienced a significant decline this Wednesday, December 10, 2025, during the trading session, exacerbating its weekly drop amid a downgrade of the audiovisual group's outlook by a leading analyst. Trading volumes remain moderate in a tense market for the media sector.
JPMorgan Downgrades M6
On Wednesday, December 10, JPMorgan lowered its rating on M6 from 'neutral' to 'underweight' and reduced its price target to 13 euros from 15.10 euros previously. By midday, the stock was trading at 11.76 euros, down 3.92% from the previous day's close of 12.24 euros. This downgrade is part of a more pronounced weakness as the stock now shows a decline of 5.31% over the week and 11.98% over three months. However, its performance over the year remains positive, with a gain of 6.14%, demonstrating the stock's resilience until recent weeks. The American bank justifies its downgrade by revising its earnings estimates for 2025 and 2026 downwards, expecting lower-than-anticipated advertising revenues in the second half and pointing out the increased cost of broadcasting rights for the 2026 Football World Cup. The trading volumes on this Wednesday accounted for 0.21% of the capital, a relatively modest level that underscores a certain caution among investors.
Technical Analysis Highlights Current Weakness
The technical analysis confirms the current fragility of the stock. The price of 11.76 euros is now below all its moving averages: the MM20 is at 12.30 euros, the MM50 at 12.26 euros, and the MM200 at 12.87 euros. This negative gap of 0.61 euros from the 200-day moving average indicates a weakening of the underlying trend. The stock fluctuates between a support threshold at 11.80 euros, dangerously close to the current price, and a resistance at 12.54 euros. The Relative Strength Index (RSI) at 58 remains in the neutral zone, suggesting that the stock is neither oversold nor overbought, leaving room for further adjustments. The Bollinger Bands, with an upper bound at 12.63 euros and a lower bound at 11.96 euros, frame a stock that is dangerously approaching the lower limit of its volatility channel. The monthly volatility contained at 3.44% and a negative beta of -0.07 further illustrate the relative decorrelation of the stock with the market as a whole.
JPMorgan Downgrade Follows Mixed Quarterly Results
The downgrade by JPMorgan comes as the group had published mixed quarterly results at the end of October. In the third quarter of 2025, M6 recorded a revenue of 269.2 million euros, down 3.4% year-on-year, with advertising revenues decreasing by 0.7% and a 14.3% collapse in non-advertising revenues. However, the group managed to improve its EBITA to 37.5 million euros with an operating margin increase of 0.6 points to 13.9%. The strategic shift towards streaming shows encouraging signs with a 25% revenue growth in this activity in Q3 and a 17% increase in viewing hours on M6+. The current context harbors tensions in the television advertising market that M6 anticipates to be challenging for the last quarter of 2025 due to political uncertainty. The annual results for 2025 are expected on February 17, 2026.
