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WPP: Morgan Stanley revises target price

( - A Morgan Stanley analyst announced on Friday that he is reviewing his target price for the WPP share, while confirming an "equal weight" (neutral) recommendation on the share.

The broker has therefore cut its corresponding target price from 900 pence to 800 pence.

"WPP is structurally out of favour,agencies are neither defensive nor sufficiently operationally geared to catch the eye in a market recovery and the ad trend is hard to read, but the overall risk/return looks relatively favourable at these levels," Morgan Stanley analysts say.

The market seems to agree with this target price cut - the share is down 6% at midday on Friday.

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