WPP upgraded to Outperform from Neutral at Credit Suisse

Credit Suisse analyst Matthew Walker upgraded WPP to Outperform from Neutral with a 1,260 GBp price target. The firm’s analysis of the advertising agency industry suggests the structural headwinds which caused the de-rating of the agency stocks have "significantly abated." It raised its long-term organic growth estimates and sees a potential for a further rerating of the shares. The concern over consultancies expanding into media and creative has proved exaggerated, the analyst tells investors in a research note. Credit Suisse says Facebook and Google have not disintermediated agencies in media as the digital market has grown in complexity.