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WPP: Berenberg still negative on stock

( - Berenberg on Wednesday maintained a "sell" rating on British ad giant WPP, with a target price of 1,075 pence, against the stock's currently price of around 1,175 pence.

According to the German broker, WPP's new CEO, Mark Read, had a honeymoon period of just "one day" as the results announced the day after his appointment proved to be disappointing.

"Although our margin forecasts were below consensus for both 2018 and 2019, we did not expect the cracks in profitability to appear so early, with both first-half results and full-year guidance (...) lower than expected," Berenberg wrote in a note.

Still, 2018 could have been even worse and WPP's poor performance has not been self-inflicted, as no new tech spend have been announced, the broker said.

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