Canaccord Genuity analysts have reduced the price target on Southern Cross Media (ASX:SXL), a leading Australian media company, to A$0.85 per share from A$1.15 per share.

The company reported a headline revenue of A$504 million for FY23, narrowly missing the estimates set by Canaccord.

The media firm also revealed a 12% reduction in their earnings before interest, taxes, depreciation, and amortization (EBITDA) for FY23, which also fell short of projections.

The brokerage firm subsequently cut the EBITDA forecasts for FY24 and FY25 by 9% each.

In addition, EPS estimates were further reduced by 17% and 20% for FY24 and FY25.

Of six analysts, two rate the company’s stock as a ‘buy,’ three consider it a ‘hold,’ and one recommends to ‘sell.’ The median price target settled at A$1.13 according to Refinitiv data.

Southern Cross Media’s (ASX:SXL) stock had seen a fall of 23.9% this year, as of its last closing.

Southern Cross Media (ASX:SXL) is a major media company in Australia, specializing in broadcasting, publishing, and online media.