Bell Potter has upgraded the media and communications giant STW Group to a buy from its previous hold ranking on the basis it is undervalued at a time when its hard won market gains, resilient business model and a slate of potential acquisitions herald attractive growth prospects.

Analyst Sam Haddad argued the conglomerate, which owns advertising heavyweight Ogilvy, has weathered the downturn well, and commended “management’s vision and drive to lead industry trends".