The FTSE 100 and FTSE 250 are rocketing as optimism surrounding interest rate cuts rise. This can make it harder for investors to find value stocks to buy. ITV (LSE:ITV) is a UK share that’s risen strongly during the recent bull run. At 76.2p per share, Britain’s biggest commercial broadcaster has gained 22% since the start of 2024. However, I still feel that this blue-chip share remains massively undervalued today. And following fresh trading news, I think now could be a good time to load up on the FTSE 250 stock. Thursday’s (9 April) first-quarter update wasn’t exactly the strongest financial release in ITV’s history. In it, the Love Island and Coronation Street creator announced a 7% decline in group revenues, to £887m, as turnover at ITV Studios dropped 16% to £382m. Production unit sales plummeted primarily due to strikes last year by US creative writers and actors. Trading was also impacted by weak demand from free-to-air broadcasters in Europe, in addition to a heavy weighting of programme deliveries to the second half of 2024. Yet ITV’s quarterly statement still underlined the incredible growth potential the company has. First off, viewing figures at its ITVX streaming service continue to grow...