02:42 PM EDT, 11/01/2024 (MT Newswires) -- National Bank has lowered its target on TVA Group to $1.25, from $1.50, but reiterated its Sector Perform rating after the company reported its third quarter results.

Revenue of $112.4 million (NBF $112.9 million) were in line but EBITDA of $12.2 million (NBF $15.6 million) was below expectations as Broadcasting, Magazines, and Production & Distribution saw weaker profits, notes analyst Adam Shine.

TVA announced a major restructuring plan on Nov. 2 last year. Savings associated with the plan were largely offset in the quarter by the retro digital services tax charge. Shine adds that restructuring savings are taking longer to materialize in any meaningful way.

Price: 1.15, Change: +0.01, Percent Change: +0.88