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ITV downgraded by HSBC

01 June 2017 15:33

HSBC has downgraded its recommendation on broadcaster ITV (LON:ITV) to hold (from buy), after highlighting its concerns over advertising momentum.

"The primary reason for our downgrade to Hold is that we no longer believe ITV is cheap but increasingly cheap for a reason," analyst Christopher Johnen explained.

"Operating momentum remains challenging as media buyers cite a further deterioration in TV ad trends, with weakness led by the key FMCG category."

The bank has cut its target price to 215p per share (from 230p).

Separately, Liberum left its hold recommendation and 340p target price unchanged, commenting that it thinks the company is in a much better structural position than consensus argues.

At 3:33pm: (LON:ITV) ITV PLC share price was -4.05p at 191.65p

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