Australian analysts have cut their target prices on several top media stocks following Ten Network's downgrade of its earnings outlook Friday, The Australian reported Tuesday.

The drop in target prices given by top investment firms in Australia have led to two days of selling across most top media stocks in the country. Prices were dropped for many top media stocks, including Fairfax Media, Ten, Seven Media and APN News & Media.

Ten shares fell to a seven-year low of AU$1.655, Fairfax shares hit a five-year low of under $2.88, Seven fell to a two-year low of $7.96, APN closed at a five-year low of $3.60 and Consolidated Media Holdings closed at $3.06, the lowest price it has been listed for since entering the market in late 2007, The Australian reported.

Ten's Executive Chairman Nick Falloon said advertising is beginning to reflect a downturn in the economy, such as the dropping household expenditure, according to The Australian.