City awards dunce's cap to Carlton
Everyone is used to City analysts being beastly to under-performing companies, but it seemed a bit much recently when Merrill Lynch described media group Carlton as having “a slow IQ”.
For a start, Carlton has been regarded as one of the more successful ITV companies. It bid at a reasonable level for its franchise, snapped up the Midlands company Central TV, and has been forging ahead with digital broadcasting through its alliance.
So why has Merrill Lynch turned against the company headed by Michael Green? Surely it couldn’t be an odd, seasonal Americanism? When they say “a slow IQ” could they possibly mean poor sales in the first quarter?