Shares in ITV (LON:ITV) have fallen into the red in today’s session, as analysts at Goldman Sachs trimmed their rating on the shares. Proactive Investors further notes that the stock has also been under pressure this Thursday with England’s semi-final defeat against Croatia dashing hopes for another advertising boost from the group’s coverage of the World Cup.
As of 13:48 BST, ITV’s share price had lost 0.69 percent to 176.23p, underperforming the broader UK market, with the benchmark FTSE 100 index having climbed into positive territory and currently standing 0.78 percent higher at 7,651.00 points. The group’s shares have lost less than 0.5 percent of their value over the past year, as compared with about a 3.3-percent gain in the Footsie.
Goldman Sachs trims rating on ITV
Goldman Sachs trimmed its rating on ITV from ‘buy’ to ‘neutral’ today. Proactive Investors quoted the analysts as explaining that they saw near-term risk/reward more balanced for the blue-chip broadcaster following the stock’s recent outperformance on the back of the World Cup run and its popular Love Island reality TV dating show.
The broker, however, added that softer-than-expected TV advertising trends across Europe this year reflected weak demand from large advertisers and a secular shift of ad dollars to digital.
Other analysts on blue-chip broadcaster
The 20 analysts offering 12-month price targets for ITV for the Financial Times have a median target of 200.00p, with a high estimate of 275.00p and a low estimate of 110.00p. As of July 11, the consensus forecast amongst 20 polled investment analysts covering the blue-chip broadcaster has it that the company will outperform the market.
ITV is scheduled to update the market on its interim performance on July 25.