ITV hits 93p, shame I sold!

I was very positive about TV company ITV (ITV) early last year (see post from Jan 7th 2010) - a classic contrarian play! Back them, nearly every broker was damning the company saying it was doomed but with the Croizer/Norman combination it looked a no-brainer. The shares hit a new high yesterday of 93p on earnings upgrades and it is likely that it will reenter the FTSE 100 this year. Damn annoying I sold in the second quarter of 2010. Lesson to myself, more patience sometimes!!

THURSDAY, JANUARY 7, 2010

ITV looks good play on advertising recovery

ITV revenues look to be strong in January (up 6.5% versus 3% for the total TV market) as revenues from advertisers floods in (source Aegis group),

With Archie Norman taking the helm at the company and a strong rebound in media expenditure looking likely, and Goldman Sachs adding ITV to its conviction buy list with a 70p target,  now seems to be a good time to invest in ITV.

Position initiated at 58p.