Proactive Investors - Run By Investors For Investors

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
ITV logo
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.”

View full ITV profile View Profile

ITV plc Timeline

Related Articles

Marketing and public relations
April 04 2018
"Our Beyond, MBooth and Publitek agencies have been stand-out performers, whilst we have achieved solid performances pretty much across the portfolio"
Mobile users holding phones up
September 05 2018
The mobile advertiser is placing itself at the forefront of the digital revolution as companies and brands increasingly look to the web as the next forefront of advertising
Apollo 11
February 22 2018
Immersive VR, a technology company focused on the education space, was the first company Sure backed

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use