ITV: shares slightly up after UBS upgrades to 'neutral'.
(CercleFinance.com) - Shares in British commercial broadcaster ITV are up 0.
4% at 159.3 pence in morning trading on Friday after UBS upgraded its rating on the stock to "neutral" on valuation grounds.
The brokerage firm - which previously had a "sell" rating - said the shares have underperformed the FTSE 100 index by 11% since H1 results were issued on 27 July, and by 25% year-to-date.
UBS points out that the shares are now trading at the bottom of their five-year trading range.
However, despite their recent correction, the broker still does not think that the shares are cheap enough to own, given structural and cyclical concerns.
The broker has therefore cut its target price for the share from 170 pence to 160 pence.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
4% at 159.3 pence in morning trading on Friday after UBS upgraded its rating on the stock to "neutral" on valuation grounds.
The brokerage firm - which previously had a "sell" rating - said the shares have underperformed the FTSE 100 index by 11% since H1 results were issued on 27 July, and by 25% year-to-date.
UBS points out that the shares are now trading at the bottom of their five-year trading range.
However, despite their recent correction, the broker still does not think that the shares are cheap enough to own, given structural and cyclical concerns.
The broker has therefore cut its target price for the share from 170 pence to 160 pence.
Copyright (c) 2017 CercleFinance.com. All rights reserved.