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Monday, October 12, 2009
ITV Upgraded To Buy, Mediaset To Neutral: Goldman
By Barbara Kollmeyer
MarketWatch Pulse
MADRID -- U.K. broadcaster ITV was upgraded to buy from neutral on Monday at Goldman Sachs, which sees a "modestly stronger-than-expected recovery" in the third and fourth quarters for television ad markets. On back of September/October advertising trends, Goldman raised its fiscal year TV ad market 2009 revenue forecasts 1% to 3% and broadcaster net advertising revenue forecasts 1% to 2%. Goldman said ITV has underperformed the market, with 25% upside potential to share prices. Goldman also upgraded Italy's Mediaset to neutral from sell, saying September/October advertising performance was an upside surprise. Goldman said Spain's Antena3 and Telecinco look overvalued, with sell ratings on each, with a preference on the latter.
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