FRANKFURT (dpa-AFX) - Shares in ProSiebenSat.1 reacted negatively to the media group's quarterly figures and outlook on Friday. After the initial slide to 7.70 euros, they made up their losses at times - by midday, however, they were down again by around one percent to 7.96 euros. The shares were thus among the weakest in the MDax. Analysts were quite relaxed about the figures, but skeptical about the confirmed annual targets.

ProSieben Sat.1 slipped into the red in the first quarter because of the persistently weak TV advertising business. For the rest of the year, however, Group CEO Bert Habets is counting on an improvement in the advertising market as well as cost reductions through job cuts, and confirmed the outlook.

Armin Kremser of DZ Bank spoke of a weak start to the year, as expected, in which consumer restraint due to inflation had taken effect.

Warburg expert Jorg-Philipp Frey expressed a similar view. The significant decline in sales and, in particular, earnings should come as no surprise and is largely attributable to the downturn in the advertising business in German-speaking countries, he wrote in an initial reaction. However, the decline was less than at competitor RTL, Frey added.

Lisa Yang of U.S. investment bank Goldman Sachs also saw first-quarter revenue performance largely in line with expectations, but earnings performance slightly below. She reiterated her sell recommendation.

The experts are cautious about the company's confirmed annual targets. Here, ProSiebenSat.1 is "relying relatively heavily on the principle of hope, even if at least June initially brought a significant pickup in advertising bookings," Kremser said. If consumer restraint persists, "a potential recovery is likely to take longer - in which case the risk of a profit warning during the year would be quite high."

The maintained outlook presupposes a significant recovery of the advertising business in the second half of the year, of which he is not yet convinced, Frey also noted critically. This is because the company does not anticipate an immediate recovery in the second quarter, but expects at best a smaller decline in the advertising business than at the start of the year.

Since the share price slide at the end of April, which was triggered by the announcement that the dividend would be drastically reduced following a slump in profits in the past year, the securities of the media group have remained below the 200-day line, which is relevant for the longer-term trend, for most of the time. Only at the beginning of this week did they jump above it, in view of alleged talks with the British pay-TV broadcaster Sky. Ultimately, however, the price jump turned out to be a false breakout.

So far this year, ProsiebenSat.1 has fallen 4.7 percent - slightly less than its competitor RTL, which has lost a good six percent. Both stocks are thus in the lower midfield of the MDax. The index of medium-sized German companies has risen 6.4 percent in this period, and the European media index by four percent./gl/ajx/mis