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Berenberg has downgraded UK television network ITV from a “hold” to a “sell” rating. Analysts Sarah Simon, Robert Berg and Jessica Pok argued that its audience share in 2014 was poor and that online video will eat into its broadcast advertising revenues. Price target: 184p.
S&P Capital has downgraded UK pharmaceuticals giant Shire from a “strong buy” to a “buy” rating following the firm’s accepted $5.2bn offer for NPS Pharmaceuticals. S&P’s Carl Short said the purchase represents good sales potential but that Shire’s shares are trading at 11 per cent below S&P’s target.