MARKET TALK: Morgan Stanley Downgrades ITV To Equalweight

25th Jun 2010 07:12

0612 GMT [Dow Jones] Morgan Stanley downgrades ITV (ITV.LN) to equalweight from overweight and cuts the price target to 66p from 70p. The brokerage is setting "realistic advertising expectations" for a tougher UK economic background. Meanwhile, it notes that the UK Culture Secretary has said the contract rights renewal "is an example of micro-regulation we can do without." Abolition of CRR could enhance ITV EPS in the first full year by 13-15% says the bank. Shares closed Thursday at 55.3p.([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 25, 2010 02:12 ET (06:12 GMT)