(News Bulletin 247) – Stifel initiates coverage of Believe, a French music company providing digital distribution services to artists, with a ‘buy’ recommendation and a target price of 18.5 euros, representing upside potential by 71%.
‘Believe, which benefits from the strong dynamics of the music streaming market, has one of the strongest growths in the sector thanks to its digital positioning and its proactive investment strategy in emerging regions, particularly Asia’ , he points.
While the company is currently incurring losses, the broker notes that it is generating positive free cash flow and believes that it ‘should gradually see its profitability improve as its business model converges with that of the majors’ .
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