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WPP: Invest Securities cuts target price

(CercleFinance.com) - Invest Securities has reinstated its "sell" rating on the WPP stock and has cut its corresponding target price from 10.
8 pounds to 10.5 pounds, after the group announced disappointing 2017 earnings, with a gross margin and EBITA that are below the consensus.

The broker underlines that it is mainly a flat 2018 budget, and with a stable operating margin that has weighed on the stock, and that the group's conference did explain whether the trends observed are cyclical or structural.

Although the group still does not fear the arrival of new competitors, it is impacted by investment cuts by its main advertisers which are trying to limit their costs, adds the analyst who monitors the stock, who also revises forecasts for the media giant.

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