This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
ITV Page 4
ITV (ITV)
The broadcaster, which has been subject to a number of takeover rumours over the past 12 months, has struggled in to recapture its pre-Brexit highs so far in 2017. In May, the company announced that its CEO Adam Crozier is to step down, shortly followed by forecasts that it expects to see ad revenues decrease in the near future. These announcements have placed shares under some pressure, however the flipside of this means that shares in the TV behemoth can now be purchased for less than £2. Is it worth a buy at these levels?
Will shares rally to fresh 2017 highs of 220p (+19%) or pull back to November lows of 160p (-13%)?
- Having fallen 19% from 2017 highs, ITV shares have found shallow rising support at 183p
- While 16% of brokers see downside to current price, 84% forecast that the price will increase
- Stochastics turned oversold; Relative Strength Index (RSI) recovered from oversold
- Directional Indicators negative but converging bullishly
Broker Consensus: 48% Buy, 39% Hold, 13% Sell
Bullish: Liberum, Buy, Target 340p, +82% (5 Jun)
Average Target: 226.4p, +21% (8 Jun)
Bearish: Societe Generale, Sell, Target 155p, -17% (11 May)
Pricing and consensus data sourced from Bloomberg on 8 June. Please contact us for a full, up to date rundown.
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Prepared by Michael van Dulken, Head of Research
