LONDON (ShareCast) - Shares in Kazakhmys advanced after Goldman Sachs started coverage on the Kazakh miner with a ‘buy’ recommendation and a 2,033p target price, citing strong copper fundamentals.

The broker also said that Kazakhmys would be well placed to benefit from supply disruptions from South America.

Copper supplies in the continent are frequently disrupted by strikes. Yesterday workers at three mining operations in Peru ended a three-day strike that began on June 30 and sent prices for the red metal soaring.

Fears of further deterioration in the advertising market prompted ABN Amro to downgrade its rating on ITV to ‘sell’ from ‘hold’ and more than halve its target price on the broadcaster to 35p from 75p.

While ITV’s share price is at historical lows there are further downside risks, with the potential of a dividend cut the broker said.

Shares in Marks and Spencer took another battering Friday morning after Citigroup downgraded is rating on the clothes and food retailer by two notches to ‘sell’ from ‘buy’ and cut its target price to 205p from 450p.

Following M&S’s gloomy trading statement earlier this week, Citi said it is cutting its pre-tax profit forecasts for the company in the year to March 2009 by 17% to £730m.

M&S said Wednesday that first quarter UK like for like sales fell 5.3% and warned that tough conditions are here to stay for two years.

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