First Berlin Equity Research has published a research update on Media and Games Invest SE (ISIN: SE0018538068). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 4.00 price target.

Q1 reporting was broadly in line with FBe. Turnover of €68.8m hit our mark, and earnings were encouragingly strong, boosted by an optimised cost structure. The programmatic business grew 8% Y/Y and outperformed the market. Plus, a new market report shows MGI’s Verve group is the market leader for North American mobile programmatic advertising for Android with a 12% share. Investors are placing virtually all companies with advertising exposure in the ?sin bin,? and we expect investor ennui to persist over the near term. Based on the steady operational performance, we see excellent share price rebound potential and remain Buy-rated on MGI with a €4 TP.