Liberum Capital has reiterated its “buy” rating for advertising and public relations firm WPP and raised its target price from 1300p to 1450p. WPP is expected to post solid third quarter organic growth in its results today and remains Liberum’s top advertising agency pick.
Deutsche Bank has downgraded hotel and restaurant company Whitbread from “buy” to “hold” with an upgraded target price of 3,485p. The broker is pleased with the significant run that the company has had this year, but the 12 month upside is not enough to maintain a “buy” stance.
Investec maintained its “hold” rating for media firm UBM at a target price of 690p. The broker said its price is based on UBM’s disappointing management statement yesterday, peer multiples and uncertainty surrounding the recent change in the company’s chief executive.