ITV PLC (LSE:ITV)’s first quarter update faced mixed reviews from Deutsche Bank analysts, which highlighted a weaker studio performance as dragging on the results.
The network reported a 16% fall in studio revenue over the quarter on Thursday, prompting the total figure to fall 6%.
Deutsche highlighted this decline, which ITV attributed in part to the knock-on effects of last year’s US actors strike, as offsetting growth elsewhere.
A ‘hold’ rating was offered as a result, alongside a share price target of 80p, against Thursday’s close of 76.6p.
That said, Deutsche noted a 3% increase in advertising revenue and net pension surplus as the latest “valuation positives”, adding ITV’s guidance of 12% growth for the former was “solid” and ahead of consensus.
Shares climbed 1.9% on Friday.