BEST of the BROKERS

ITV
Deutsche Bank has downgraded the broadcaster from “hold” to “sell” on a weak ad revenue outlook. DB says networks are “in denial” when assuming growth next year, and has cut its target from 80p to 72p.

SAGE
Peel Hunt has moved the software group to “sell” from a previous “hold” rating, saying the market has “over-reacted” to Sage’s acquisition of Brazilian tech firm Folhamatic. The target price is 260p.

OPHIR ENERGY
Nomura has downgraded the oil and gas explorer from “buy” to “reduce” with the financial services firm sceptical that Ophir can keep up its rate of discovery. However Nomura has lifted its target to 683p.