BofA cut the firm’s price objectives by 2%-13% across the agency peer group citing recent interactions with management teams, negative read-through from peers exposed to marketing spending, and deteriorating leading indicators. The firm’s below-consensus forecasts on Omnicom (OMC), whose price target is lowered to $73, and WPP (WPP) whose ADR price target was cut to $46, prompt the firm to remain at Underperform on both.
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Read More on WPP:
- WPP downgraded to Neutral from Outperform at Exane BNP Paribas
- WPP downgraded to Hold from Buy at Deutsche Bank
- WPP price target lowered to 1,150 GBp from 1,250 GBp at Barclays
- WPP price target lowered to 1,200 GBp from 1,260 GBp at JPMorgan
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