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JPMorgan upgrades rating, but cuts price target for ITV in broadcast review

The US bank upped its stance on the FTSE 100-listed firm to ‘overweight’ from ‘neutral’, but cut the target back to 185p from 204p previously
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ITV shares were 0.3%, or 0.5p lower at 148.1p, having reversed from opening gains

JPMorgan Cazenove has raised its rating for ITV plc (LON:ITV) in a review of the European broadcast sector, but also reduced its target price for the stock with the share price still well below the new level.

The US bank upped its stance on the FTSE 100-listed firm to ‘overweight’ from ‘neutral’, but cut the target back to 185p from 204p previously.

READ: ITV slumps as third quarter ad revenue remains under pressure amid Brexit uncertainty

In late morning trading, ITV shares were 0.3%, or 0.5p lower at 148.1p, having reversed from opening gains.

In the sector review sent to clients, JPMorgan’s analysts said “valuations are cheap, expectations are low”, with structural concerns overstated, and new growth opportunities, and the potential for consolidation and convergence overlooked.

They added: “Having anticipated weaker ad momentum earlier this year & stocks oversold, we upgrade most of the stocks under our coverage.”

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