Antena 3, Telecinco Decline as Citigroup Cuts Ratings

Antena 3 de Television SA and Gestevision Telecinco SA (A3TV) declined in Madrid trading after Citigroup Inc. analysts advised customers to sell shares of the Spanish television stations.

Antena 3 fell 4.5 percent to 5.98 euros in the Spanish capital, the lowest since the stock began trading in October 2003. Telecinco (TL5) lost 3.1 percent to 9.16 euros.

The analysts at Citigroup cut their ratings on both broadcasters to ``sell'' from ``hold,'' citing concern about the Spanish economy, according to a note sent to investors today.

``We continue to argue that the Spanish stocks have the worst fundamentals,'' the analysts said in a note on European television stations. ``The Spanish economy looks more exposed than most.''

The Spanish economy expanded 0.3 percent in the first quarter of this year, the slowest pace in almost 13 years, and growth is weakening further in the second quarter, the Bank of Spain said last month.

To contact the reporter on this story: Gareth Gore in Madrid

To contact the editor responsible for this story: Daniel Hauck at

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