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Merrill Lynch slashes ITV price target
Merrill Lynch is pricing in all the challenges of the shifting TV industry without accounting for any of the potential growth. That's why we think the US bank is wrong to cut its price target for ITV
Analysts at Bank of America Merrill Lynch think the European market, “underappreciates the pace of decline in TV consumption and concurrent rise in online video”. That concern prompted them to slash their price target for ITV (LON: ITV) from 210p to 110p on Thursday sending the share price down 7%. But we think they underappreciate ITV’s strategy. This is not a company which is walking blindly into…
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