Citi Downgrades WPP PLC (WPPGY) to Hold
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Citi downgrades WPP PLC (Nasdaq: WPPGY) from Buy to Hold.
Citi analyst says, "We like WPP as a business, and view consensus estimates as too conservative. We even think WPP has a shot of delivering its 09 EPS target of 60p (vs. CIRA 56p; cons. c.48p). At 7.1x
09E P/E, valuation is low vs. absolute troughs and attractive vs. peers (esp. PUB) but still off trough levels vs. the market. A tough 1H may provide a better entry point."
WPP PLC, formerly WPP Group plc, along with its subsidiaries, is a worldwide communications services organization offering national and multinational clients a range of communications services.
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