Citi Initiates Coverage on Versant Media Group with 'Buy' Rating

Shares of VSNT.O under Versant Media Group rose by 1.2% in pre-market trading to $33.45 after Citi initiated coverage with a 'Buy' rating and a target price of $41.

Citi's decision to initiate coverage was based on the brokerage's expectation of a risk-reward ratio of 2:1, which it considers favorable. The brokerage also stated that the potential drop in English Premier League (EPL) broadcasting rights could provide an upside of $8 per share.

In its report, Citi noted that it believes a decision regarding EPL broadcasting rights could be made between Q2 2027 and Q2 2028. The median target price for VSNT.O is $43, according to LSEG aggregated data.

As of yesterday's close, the stock has fallen by 26.6% so far this year.