<strong>BALFOUR BEATTY</strong><br />Panmure said Balfour Beatty’s share price had been in drift mode, underperforming its peers on a three and 12-month basis. Panmure believes this is due to concerns about public sector spending, but also that its market value and liquidity has made it an easier one to sell. The broker said that with its broad geographic and strong infrastructure exposure the group remains a prime beneficiary of stimulus spend. Panmure reiterates its “buy” rating.<br /><br /><strong>ROYAL BANK OF SCOTLAND</strong><br />Evolution is convinced the turnaround of the Royal Bank of Scotland will be successful but doesn’t expect it to generate profits until around 2011, and double digit return of equity until 2012 at the earliest. The bank’s targets for 2011 are very modest, “more than one per cent return on equity” in UK retail, and “more than five per cent” in UK corporate. Evolution recommends investors “sell”, with a target price of 25p.<br /><br />ITV<br />ITV’s global content revenue increased by four per cent and operating profit by three per cent boosted by favourable FX said Charles Stanley. It notes the TV production market remains tough, with the advertising recession putting pressure on the broadcasters’ budget. International sales remain strong, increased by 36 per cent to £75m, driven by the success of the “Come dine with me” formats . “Reduce,” it says.