WPP just downgraded at JPMorgan, here’s why

JPMorgan downgraded WPP to Neutral from Overweight with a price target of 850 GBp, down from 1,170 GBp. The analyst now sees the risk of a “double dip” in the growth of the advertising market as high interest rates catch up with the broader economy driving a cyclical slowdown. It is hard to see near term upgrades for the ad agencies and it will be difficult for shares to re-rate until their is more visibility on falling rates and improving macro momentum, the analyst tells investors in a research note.