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WPP: UBS still a buyer after interim results

( - UBS reinstates its "buy" rating on WPP shares, maintaining its target price at 1,225 pence, which represents upside potential of 37%, after the British communications group published solid H1 results last Friday.

The broker notes that organic growth of 8.3% in Q2 exceeded its own forecast of 7%, and that the annual target for organic growth has been raised by 50 bp to 6%-7%, with margins still expected to increase by 50 bp.

"WPP now looks better positioned than in previous cycles to weather a macro slowdown despite a larger Media practise than peers," UBS said, adding that the stock is trading at 7.5x expected 2023 EPS.

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