Broker tips: StanChart, Barclays, ITV, Rightmove

Standard Chartered’s annual results missed analysts’ forecasts by a long way on Wednesday, though the market gave a warm welcome to the 2014 report with Shore Capital choosing to keep its ‘buy’ recommendation.

Analyst Gary Greenwood said: “The introduction of more aggressive action on costs and capital should be welcomed by the market, while the fact that the company has been able to maintain the dividend and is not signalling any intention to raise equity are also positives for the investment case.”

UBS has trimmed its target price for Barclays from 305p to 295p following the bank’s results this week, but kept a ‘buy’ stance on the stock telling investors to expect a continued re-rating with a currently “unchallenging” valuation.

While fourth-quarter results were mixed, UBS said its medium-term expectations remain intact. “With around a third of group capital currently consumed by an under-earning Corporate and Investment Banking (CIB), and a third of capital within the loss-making non-core: we see material medium-term upside as management reposition the business towards its low-volatility, high profitability core.”

ITV, which impressed City analysts with its annual results on Wednesday, received a further boost from Numis Securities as the broker upped its rating on the broadcaster and producer from ‘add’ to ‘buy’.

The broker said that following recent share-price weakness it has returned to a more positive stance and upgraded its target price from 260p to 275p.

Online real estate portal Rightmove has had its rating lifted by Citigroup to 'neutral' from 'sell', after the bank accepted it was a little too bearish on the company.

“At the beginning of the year we set out a framework for the media sector that involved looking at earnings growth, upgrade potential and rerating potential. Rightmove screened as the 5th most attractive stock on the latter but we ignored it arguing that a low multiple vs. history was justified. This was a mistake,” said Citigroup.