Citigroup Downgrade for ITV
January 27, 2014 10:19 amVideo
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Citigroup this morning downgraded broadcaster ITV (ITV.L) to sell from neutral naming it as its least preferred share in the sector.
Despite some positive commentary “For the past three years we have consistently argued that ITV has been on a positive trajectory in terms of quality, every metric we monitor or care about: audience share, advertising share, margins, earnings per share, financial leverage, cash generation and cash returns has improved, and in some cases substantially.” Citigroup feels the market is overly optimistic that ITV can sustain its current growth and expects the impact of sports rights licence losses to be felt in coming years.
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