Broker snap: 'All going to plan' at ITV, says Peel Hunt

27th Jul 2011 12:57

Peel Hunt says that everything's "going to plan" at ITV, and keeps its buy rating and 102 target price for the terrestrial broadcaster."Now that the World Cup effect is behind us, we expect that a decent autumn schedule with the usual high audience entertainment shows will be supported by new drama output and game show formats," said analyst Patrick Yau.While the group remains cautious for the rest of the year, as advertising revenues in the third quarter "down slightly", the broker expects a flat out-turn for the full-year. "Although if the company can repeat the strong year-end run of 2010, we could see modest revenue growth," Yau said."The shares currently reflect investor concerns over the consumer, but the turnaround plan seems to be working and we look forward to ITV putting its cash to good use."Shares were 2.57% higher at 69.75p at 12:57 on Wednesday.BC