Scotia Capital Has Sector Outperform on Grupo Televisa

Scotia Capital is out with a research report on Grupo Televisa, SAB

and it has a Sector Outperform rating and a $25 price target on shares. In a note to clients, Scotia Capital writes, "We think it's too early to modify our 2012 advertising estimates for TV (1-SO rating), as we think a reconciliation with Carso will take more time. In any case, a Carso return would only add upside to our numbers." Shares of TV closed at $20.54 yesterday.