WPP downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Silvia Cuneo downgraded WPP to Hold from Buy with a price target of 1,030 GBp, down from 1,230 GBp. The company’s first half results missed estimates and its fiscal year guidance was cut, the analyst tells investors in a research note. The firm thinks it will take time to restore confidence on the stock and sees a lack of visibility on positive catalysts.