Strong economy ‘will drive earnings at Indo’

A STRONG economy underpinning advertising growth will drive earnings at Independent News & Media, according to Goodbody Stockbrokers who have pencilled-in a 15% increase in the share price over the next 12 months.

Goodbody analyst Neil Clifford also believes that cash-burning joint ventures and associate companies like iTouch, Adshel and Clear Channel Independent have become important profit areas and a key dynamic for the group, which owns the Irish Independent.

Mr Clifford, in a note to clients yesterday, when IN&M shares opened at €2.43, said they are increasing their 12-month price target from €2.65 to €2.80.