Broker tips: ITV, Diageo, Regus

21st Dec 2012 10:12

Panmure Gordon has said it foresees 'material upside' for terrestrial broadcaster ITV in the New Year, as it reiterated its 'buy' rating and 140p target price for the stock.The broker is anticipating a "very strong start" to the new financial year in terms of advertising growth."We are well-known supporters of ITV, and have been gratified by the very strong share price performance this year (over 50% share price, excluding dividend). Our FY 2012-14 forecasts feel increasingly unambitious," analyst Alex DeGroote said.Credit Suisse has slashed its estimates for drinks giant and Guinness owner Diageo following the cancelled talks to acquire tequila group Jose Cuervo, but has retained its 'outperform' rating for the stock.With the stock trading at 17.5 times calendar 2013 earnings, in line with peers but with above-average growth and returns, Credit Suisse said that Diageo "remains one of the better long-term investment cases in our consumer staples universe".Jefferies has reiterated its 'buy' rating and 130p target price for office space group Regus following Friday's 40m-pound cash offer for smaller peer MWB Business Exchange (MBE)."We view this as a strategically sensible transaction for Regus, cementing its leading market position in the UK serviced office market, with considerable potential cross-selling synergies," Jefferies said.BC