Australia's Nine Entertainment gains after Jefferies upgrades on upbeat forecast
** Shares of Nine Entertainment Holdings NEC.AX rise 2.1% to A$1.695, among top gainers on broader benchmark .AXJO
** Jefferies raises its rating for the broadcasting firm to "buy" from "hold", hikes price target to A$1.9 from A$1.2
** Brokerage notes linear TV and broadcast video on demand (BVOD) services combined represent 70% of TV viewing hours, despite a decade of disruption from streaming platforms
** Case studies from the U.S. and EU show that subscription video on demand (SVOD) and BVOD services combined could offset the decline in TV, where co has been growing market share — Jefferies
** Brokerage adds: while the ad market remains subdued, rate cuts could provide upside alongside co's effective cost-out programs
** Jefferies also views CoStar's CSGP.O acquisition of Domain, where Nine is the largest shareholder, as positive; says CoStar's potential large marketing spend on Domain could trickle down to Nine
** Stock up 37% YTD, including the day's moves
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