(News Bulletin 247) – In a note on WPP and its French peer Publicis, Oddo BHF reiterates its “outperformance” opinion on the title of the British communications group despite a price target reduced from 1,250 to 1,230 pence.
The research department cuts its 2022-23 EBIT streak by 2% for WPP under the effect of the dollar, but shows a preference over Publicis, believing that WPP ‘should hold up better in 2023 both organically and on the margin’.
“For both groups, the question remains whether they could activate share buyback plans that would limit the decline in EPS next year,” continues the analyst, who does not, however, expect an advertising recession in 2023. .
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