Goldman Sachs downgraded WPP to Neutral from Buy with a price target of 885 GBp, down from 1,120 GBp. The firm warns that the recent commentary from peers on ad trends has been more negative, with a lack of visibility on tech spend recovery and China recovery being more muted than expected. While Goldman Sachs continues to have confidence in the structural outlook and self-help potential for WPP, the company’s turnaround story may take longer than previously anticipated, the analyst tells investors in a research note.
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