Antena 3, Telecinco Decline as Citigroup Cuts Ratings
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.
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