WPP downgraded to Neutral from Outperform at Exane BNP Paribas

Exane BNP Paribas downgraded WPP to Neutral from Outperform with an 840 GBp price target. The company’s transformation is “far from over” and comes with execution risks, the analyst tells investors in a research note. The firm believes a large part of WPP’s savings will be reinvested, limited room for EBIT margin expansion. It sees the stock’s momentum remaining soft in the second half of 2023.