Broker tips: Glaxosmithkline, Rolls-Royce, ITV

Glaxosmithkline's shares were given a boost on Friday by UBS which upgraded its rating for the pharmaceutical stock by two notches from 'sell' to 'buy', saying that the business is now at an "inflection point".The bank hiked its target price for the stock from 1,250p to 1,700p, saying it foresees potential "blockbuster opportunities" driven by Glaxo's new products.Investec said that investors are likely to remain cautious about Rolls-Royce as the engine maker faces challenges across most business next year.The broker placed its 'hold' rating, 860p target price and forecasts under review, saying: "We expect focus to move rapidly to 2016 where Rolls will continue to face headwinds in most of its businesses. A continued drag on group performance by Rolls' non-aerospace businesses should serve as a catalyst for a strategic review."Numis Securities has lowered its recommendation for broadcaster ITV from 'buy' to 'add' ahead of the company's annual results on 4 March, saying it sees less upside after a recent run in the shares.The broker, which kept its 260p target price for the stock, said: "We have yet to be convinced by the arguments for retransmission fees while the cyclicality of a free-to-air broadcaster would make a takeover by a leveraged trade buyer (such as Liberty) or private equity challenging in our view."