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WPP: Credit Suisse cuts target price

( - While maintaining its "neutral" rating on WPP shares, Credit Suisse has reduced its target price for them to 950p, following a 2% cut in its adjusted EPS estimates for the UK communications group for 2022, followed by a 5% reduction for 2023.

With leading indicators pointing to a heightened risk of recession in the US next year, the broker has slashed its 2023 forecast for organic growth from +3.1% to +0.3%, and has cut its operating margin forecast by 70bps to 15%.

"While the company is trading close to trough multiples on our new estimates (7.6x FY23E vs c.7x trough) we believe it is too early to say we are past the worst in terms of macro outcomes," the broker warns.

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