The broker has cut ITV ad forecasts to a decline of 15.5% from a decline of 14.5% for 2001 and to a drop of 2.5% from a 2% fall for 2002, based on lower advanced ad bookings for December which are down 25% against earlier estimates of a 14% drop.
The bank has also slashed forecasts for Granada and Carlton, which control 90% of ITV.
SMG, which owns the Scottish Television and Grampian ITV franchises, has had its respective 2001 and 2002 headline pre-tax profit forecasts cut by £1.6m to £38m and by £3.2m to £37m respectively.
The bank also cut earnings-per-share estimates by 4% to 8.66p in 2001 and by 8% to 8.28p for 2002. It maintained its neutral rating on the stock, saying it believed it is priced fairly.
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