The Globe and Mail reports in its Thursday, Dec. 21, edition that CIBC World Markets analyst Scott Fletcher has reaffirmed his "neutral" rating for Corus Entertainment. The Globe's David Leeder writes that Mr. Fletcher cut his share target by 15 cents to $1. Analysts on average target the shares at $1.54. Mr. Fletcher says in a note: "Corus will report its FQ1 earning on Friday Jan. 15, and we expect the quarterly results to continue to reflect the challenges and uncertainty facing the traditional linear TV market. Advertising is likely to be down high teens year-over-year and more than 25 per cent below prepandemic levels, increasing concerns that TV advertising spending will never fully recover. The resolution of Hollywood strikes does provide more certainty around future content deliveries, but the lack of clarity around advertising spending and the levels that spending will eventually recover to make it difficult to get constructive. The shares remain cheap on a valuation perspective (4.7 times 2024 estimated EBITDA), but the combination of the impact of macro uncertainty on ad spending and the potential for an acceleration in the structural decline of the linear TV market keeps us on the sidelines."