ITV broker upgrade after recent heavy share price fall
July 12, 2016 9:58 am
UBS today issued an upgrade for under pressure ITV (ITV) after its share price recently fell around 18%. The bank moved the share from SELL to NEUTRAL citing limited fundamental downside expectations.
Commenting UBS said “We would expect political and economic uncertainty to weigh on TV ad spend from the third quarter of 2016; although the magnitude of this is difficult to predict and will depend on media mix, deflation, ad loads and sector weights”
Revising down its expectations of full year revenue from advertising the bank also moved its target price to 170p from 195p.
UBS today issued an upgrade for under pressure ITV (ITV) after its share price recently fell around 18%. The bank moved the share from SELL to NEUTRAL citing limited fundamental downside expectations.
Commenting UBS said “We would expect political and economic uncertainty to weigh on TV ad spend from the third quarter of 2016; although the magnitude of this is difficult to predict and will depend on media mix, deflation, ad loads and sector weights”
Revising down its expectations of full year revenue from advertising the bank also moved its target price to 170p from 195p.
ITV is currently trading up 3% at around 190p.
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