In another bad day for the FTSE 100, which has fallen to an eight-year low, Carlton and Granada both fell steeply. Carlton was down 6.87% this afternoon to 169.5p, while Granada was down 8.51% to 86p.
Dresdner Kleinwort that it had upgraded its recommendations to "buy" from "reduce".
In a note, the bank said: "While a dismal ad market, ITV Digital's insolvency and market share losses have trounced shares of Carlton and Granada, current levels now fail to discount the brighter near-term ad prospects, benefits of consolidation and the long-term cash flow prowess of the core TV business."
The bank pointed to the good news on the horizon for ITV, including the fact that ITV was on track to post its fourth straight monthly increase in advertising in August.
Dresdner set a price target of 120p for Granada and 220p for Carlton.
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