BEST OF THE BROKERS
ITV
Royal Bank of Scotland reiterated its “buy” rating on ITV and raised its target price from 60p to 66p, following the broadcaster’s upbeat trading statement last week.
It also raised its net advertising revenue (NAR) forecast from -12.6 per cent to -10.4 per cent, driving a 22 per cent increase in its 2009 operating profit forecast.
GREAT PORTLAND ESTATES
JP Morgan upgraded Great Portland Estates to “overweight”, noting that the share price has fallen by 15 per cent since its 16 September peak, and has underperformed its closest peer Derwent by 22 per cent since 30 June. The broker believes that underperformance is overdone, and that the stock is attractively valued.
QUINTAIN ESTATES
KBC Peel Hunt upgraded Quintain Estates to “buy” saying that, having renegotiated banking covenants and repatriated over £150m of cash, the rights issue was the final step in stabilising its financial position. The broker has a 175p target price on the stock, saying the firm can now pursue value-accretive opportunities.