WPP: rebounds on broker comments

(CercleFinance.com) - Supported by upbeat comments from UBS, WPP shares have rebounded by over 6% in London, the day after the British communications group's share lost over 12% following the publication of its annual results.


UBS maintains its "buy" rating on the share, while cutting its target price from 1,550 pence to 1,500 pence, with the revised target price still giving the share upside potential of 45%, highlighting WPP's above-expectation forecasts for 2022.

"We believe a 13% sell off post results is overplayed despite geo-political risk," the broker says, which also considers the valuation "Attractive on 10x FY23E earnings with double-digit EPS growth".


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