ITV Liberum rates the TV group a “buy” with a target price of 77p. It is expecting that July and August will be difficult months as advertisers scrap planned campaigns across the sector. But Liberum believes ITV can keep its head above the rest of the market, which it reckons will lose 10 per cent of advertising revenue in July. The broker still likes ITV despite the short term volatility, because of its longer-term fundamentals, the restructuring story and the possibility of cash returns that its net cash position allows. BERKELEY GROUP Deutsche Bank has upgraded the housebuilder from “hold” to “buy”, increasing its target price by £1.67 to £15.61. The broker believes that Berkeley will reap rewards from its land acquisition strategy as volumes pick up, driven by student accommodation and increases in London selling prices. Deutsche Bank has raised its 2014 pre-tax profit forecasts by 20 per cent and is now well above consensus estimates. It says that any dip resulting from an investor sell-off should be used as an entry point for the shares. PREMIER OIL UBS has upgraded the independent oil company from “hold” to “buy” but has dropped its 12-month target-price from 430p to 410p. The broker believes that Premier has been hit hard in the recent sell-off, underperforming the exploration and production sector by 28 per cent in the last three months. However, UBS thinks its two key projects “have a favourable chance” of starting on time, which will help to remove the share price overhang.