WPP price target lowered to 800 GBp from 850 GBp at Macquarie

Macquarie lowered the firm’s price target on WPP to 800 GBp from 850 GBp and keeps a Neutral rating on the shares. The advertising agencies have “demonstrated their structural viability” but cyclical factors are conflicting, making it hard to have confidence in the near term, the analyst tells investors in a research note. Persistent high inflation has thus far been balanced by steady low unemployment in the US, but consumer spending trends are weakening, which makes it hard to assess ad spending plans, says the firm. Omnicom Group (OMC) and Publicis Groupe (PUBGY) are Macquarie’s preferred names heading into the Q3 reports.