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Goldman Sachs has maintained its “buy” rating on the ad giant, but reduced its target price to 1,535p from 1,555p. The broker thinks that while growth in the second quarter met expectations, greater currency headwinds may have an impact.
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UBS has retained its "buy" rating, but cut the target price to 690p from 840p. The broker thinks that while pricing competition has been severe in developing markets, sales growth continues to impress, and it still expects sector leading revenue growth and longer term margin rises ahead.