STOCKS NEWS UK-ITV shares rise on UBS upgrade

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08:11GMT 13July2009-ITV shares rise on UBS upgrade

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Shares in British broadcaster ITV (ITV.L) rise as much as 3 percent after UBS upgrades the stock to "buy" and its price target to 37 pence, saying it sees increased probability that ITV could switch to a pay-TV model from an ad-funded one.

"We believe ITV is differentiated from its peers by potential upside from the adoption of a subscription model. Our analysis suggests foregone advertising revenues would be more than offset by carriage fees from pay TV retailers," UBS writes.