Analysts aren’t about to re-rate APN, part owner of the Australian Radio Network, just because WSFM has had a good survey, the Sydney Daily Telegraph reports in it’s Business Section.

While pointing out the survey results were a positive, one leading media analyst said ARN only gets 25% of its revenue from radio. The rest comes from papers, publishing and outdoor advertising. The analyst said: “And it’s only one survey. It’s obviously a positive but advertisers look over several surveys.”

Investors tuned in to the caution with APN’s shares ending steady at $4.75 yesterday.