PATRICK YAU PEEL HUNT
The firm appears to be performing in line with its transformation plan, and we expect ITV’s full-year broadcasting revenues to be flat, outperforming the general market. However, we will review margin assumptions and see shares as fully valued. We have a 130p target and ‘Hold’ guidance.
ALEX DEGROOTE PANMURE GORDON
The stock market should not be surprised by this top-line performance, which had been well trailed. Even after a strong share rally, we consider this undemanding particularly taking into account the significant M&A taking place across global broadcasting. We are buyers with a 180p target.
IAN WHITTAKER LIBERUM CAPITAL
First quarter advertising revenues were ahead of expectations but second quarter guidance looks weaker than expecting. However, we remain happy with our ‘Buy’ guidance and 155p target, and there is enough earnings growth from other non-TV advertising sources to see upgrades.