* Says could reach core earnings of 850 mln euros or more
* Sees continued TV ad growth in Germany
* Q4 likely to be weaker than previous quarters
* Shares down 2.6 percent
(Recasts, adds CFO, CEO comment, share price)
FRANKFURT, Nov 11 (Reuters) - German commercial broadcaster ProSiebenSat.1 said it was likely to exceed its 2010 core profit target, buoyed by strong television advertising revenues, especially in Germany, its biggest market.
"There is a chance that we will exceed our 2010 recurring EBITDA (earnings before interest, tax, depreciation and amortisation) guidance of 800 million euros," Chief Financial Officer Axel Salzmann said on a conference call on Thursday.
He added that the company could achieve core earnings of 850 million euros ($1.2 billion) or more.
ProSieben stock had lost 2.6 percent to 20.10 euros by 1130 GMT as investors took profits, underperforming the MDAX index, though they have gained more than 150 percent in the year to date.
ProSieben, which competes with Bertelsmann-owned RTL Group, has benefited from a recovery in advertising after a double-digit slump hit broadcasters hard last year.
Last week it reported third-quarter core earnings up more than 60 percent and sales up 12 percent.
The group cautioned, however, that performance in the fourth quarter would be weaker than previous quarters and that the comparable quarter in 2009 had been particularly strong as the TV ad market had begun its rebound during that time.
Chief Executive Thomas Ebeling declined to give details about the company's targets for 2011, saying only that he expected the German TV ad market to continue to grow. (Reporting by Nicola Leske; Additional reporting by Hakan Ersen; Editing by Will Waterman) ($1=.7253 Euro)