<strong>ITV</strong><br />Investec moved ITV from “hold” to “sell” and raised its price target to 46p. The broker believes material management and structural challenges remain and that the valuation already discounts an earnings recovery on a long-term view. But it has a positive macro-view and notes that TV ad spend is improving.<br /><br /><strong>AMLIN</strong><br />Credit Suisse upgraded Amlin to “neutral” with a revised target price of 455p, suggesting 15 per cent upside potential. Following a year of limited large losses with peak pricing, the broker is expecting strong earnings from Amlin and a strong capital position even after its recent acquisition from Fortis.<br /><br /><strong>BRITISH AMERICAN TOBACCO</strong><br />Nomura upped its target to 1,925p from 1,650p in the context of its upgrade of the tobacco sector to “bullish”. The broker said this reflects the benefits of the pricing outlook for the industry as well as continued cost-saving opportunities post 2012, with explicit targets for “spend back” levels.