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UBS has downgraded the broadcaster from “buy” to “neutral” and lowered its target from 230p to 210p. The broker thinks the market is now pricing in ITV’s balance sheet restructuring and pay-TV growth, though the World Cup’s advertising boost could lift the shares.
Shore Capital sticks to its “hold” rating at 710p following disappointing results from the components maker on Monday. The broker has trimmed its earnings forecasts by 8.7 per cent for this year but is upbeat about the company’s cash pile, which could be use for acquisitions.