MARKET TALK: Goldman Sachs Lowers ITV Price Target

22nd Jul 2010 10:04

0904 GMT [Dow Jones] Goldman Sachs lowers ITV (ITV.LN) price target to 70p from 77p, having reduced '11 and '12 EPS forecasts by close to 10%. Sees a more cautious advertising outlook, delay to some regulatory changes and greater levels of reinvestment from the new management. Still thinks the stock offers good fundamental value. Keeps the stock at buy but removes it from its conviction list. Notes that since being added to the list on January 6 '10, the shares are down 11% versus the FTSE World Europe down 10%. Currently, shares are +0.4% at 52p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 22, 2010 05:04 ET (09:04 GMT)