Back in August, it would be fair to say that shareholders of ASX All Ords media stock oOh!Media Ltd (ASX: OML) were having a great year. That was when oOh!Media shares hit a new 52-week high of $1.83, putting the company up an impressive 48.8% year to date in 2025.
Today, we can probably downgrade this ASX All Ords media stock's 2025 from great to good. That's given that oOh!Media, at the time of writing, has fallen almost 25% from that 52-week high. It's still a decent year-to-date performance, though. At $1.38 a share at the time of writing, the company remains up 11.95% since 1 January.
oOh!Media investors are used to volatility. But what might the future hold in store? Could this ASX All Ords stock retest its 52-week high?
Luckily for investors who are pondering that question today, analysts at Macquarie have just taken an in-depth look at oOh!Media shares. Let's see what they've found.
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Macquarie rates this ASX All Ords stock as a screaming buy
As you've probably gathered from the headline, Macquarie is extremely bullish on oOh!Media shares. It has given the company an outperform rating, alongside a 12-month share price target of $2.
If realised, that would see oOh!Media stock easily rally back above its current 52-week high and beyond. For an investor who bought in at the current price, that's a potential upside of 44.93%.
This bullish outlook stems from an optimistic forecast of the company's fortunes over the rest of the 2025 financial year and beyond. Macquarie is expecting the ASX All Ords media stock to report a 10% rise in revenues in the second half of the financial year. That's thanks mainly to "benefits from new contracts". That would be on top of the 17% growth oOh!Media reported for the first half.
Macquarie's analysts still warn investors that risks remain, though. They point to threats from competition, as well as broader advertising spending in the economy (which is notoriously volatile), as potential pressure points. Cost management threats and ongoing capital requirements to the business were also mentioned as areas for investors to keep their eyes on.
Even so, this report will no doubt come as a comfort for oOh!Media's investors, and anyone else who is keeping their eyes on this ASX All Ords media stock.
At the current share price, oOh!Media is trading on a price-to-earnings (P/E) ratio of 37.5, with a trailing dividend yield of 4.17%.
