MARKET TALK: BofA Merrill Lynch Downgrades ITV To Neutral

14th Jul 2010 09:05

0805 GMT [Dow Jones] Bank of America Merrill Lynch downgrades ITV (ITV.LN) to underperform from neutral and cuts target to 47p from 56p. Notes operating momentum is expected to stall in 4Q and cites risks of investment-led downgrades and a consumer slowdown. Adds that ITV trades on 11.1x EPS in '12 versus 10x for its peers and the media sector and says this is too expensive, given macro uncertainty and ongoing structural pressures. Shares -3.7% at 53p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 14, 2010 04:05 ET (08:05 GMT)

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