Deutsche Bank upgrades Relx, lifts Canal+ target price

(Sharecast News) - Deutsche Bank has lifted its target prices for Canal+ and Relx and upgraded its rating on the latter, saying it sees value across the UK media sector after a difficult 2025. The bank raised its target price for Canal+ from 300p to 340p, keeping a 'buy' recommendation, and lifted Relx from 'hold' to 'buy', hiking its target price from 3,700p to 4,072p.

"2025 started tough/got worse. 2026 a bit better? We see value," Deutsche Bank said in a research note.

"All of our UK media coverage relatively underperformed (ex Informa/Canal+) given a toxic mix of macro/geopolitical uncertainty and generative AI fears. 2026 macros look slightly better given falling interest rates, with volatility/uncertainty caveats."

The bank said that ongoing debates over the disruption caused by generative AI presents good entry points for certain high quality media stocks.

"We set out a broad gen AI framework to assess our coverage, with focus on content quality, tech capability, ability to fund investment and market positioning/customer relationships. We believe fears look over blown in B2B and Platforms, but selectivity is important."

Relx shares were up 1.3% at 3,011p by 1132 GMT, while Canal+ gained 1.1% to 253.2p.