WPP price target lowered to 870 GBp from 890 GBp at BofA

BofA analyst Adrien de Saint Hilaire lowered the firm’s price target on WPP to 870 GBp from 890 GBp and keeps an Underperform rating on the shares. The firm expects WPP to report first half of 2023 results around 3 August. Relative to some peers, BofA thinks that it will show relatively resilient but lacklustre trends. The firm further said in a research note on Friday that it sees more downside risks to forecasts as WPP EPS is more sensitive to ad conditions, cost flexibility is lower and guidance is more second half weighted.