ITV Shares Slide After J.P. Morgan Lowers Rating and Revises Deal Valuation with Sky
ITV stock fell more than 6% after J.P. Morgan Cazenove downgraded the broadcaster and reduced its price target to 85p from 104p, citing weaker-than-expected terms in the sale of its Media & Entertainment division to Sky and headwinds to advertising growth. The deal structure, separation and stranded costs, and regulatory uncertainties were highligh…