There was no change in recommendation or target price, just a gratuitous mention of the reality show du jour - Love Island.
Okay, the audience number for Monday's curtain-raiser was only 2.9mln; but for ITV2, one of the also-ran/niche Freeview channels, this represents a huge success, with advertisers reportedly falling over themselves to sponsor the show.
Here Liberum spoils the mood slightly by going ‘all City’ with its analysis, ignoring who might pair with whom (btdubz, loving fellow Geordie Adam’s impact in the show).
“The new series of Love Island has got off to a tremendous start with the opening programme audience even exceeding last year’s grand-final,” it said in a note to clients.
“This should bode well for both the June and July TV advertising numbers and also the high margin ITV Online VOD [video on demand] revenue numbers, which grew 41% in the first-quarter and where there is a strong chance of even higher growth in the second.”
Not-so-muggy price target
Liberum reckons Love Island has the potential to move the dial for the free-to-air broadcaster’s net advertising revenues, which are predicted to decline 1-2%.
“Any upgrades are likely to drive a re-rating [of the stock],” it added.
Liberum says ‘buy’ ITV shares up to a target price of 265p a share.
The stock is currently changing hands for 171p, after receiving a Love Island bump of 2%, adding £136mln to the value of the business.