Citi Upgrades WPP Group (WPPGY) to Buy
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Citi upgrades WPP Group (Nasdaq: WPPGY) from Hold to Buy.
Citi analyst says, "We upgrade WPP to Buy from Hold. Our Buys are broadly defensive (Vivendi, Pearson, Reed) but we have some long recommendations among the cyclicals, which we have tried to hedge: ITV hedged by being under-weight TV; DMGT and Yell by being sellers of Trinity Mirror, Johnston Press and Seat. We look for a combination of usage growth, portfolio restructuring and M&A as justification for our Buys."
WPP Group plc (WPP), along with its subsidiaries, is a worldwide communications services organization offering national and multinational clients a range of communications services.
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Checked out stock prices:
So I wanted to short WPP but I'm having second thoughts as it looks like the market likes IPG just a little better already ;) Buy at your own risk. . . even a dead cat is right twice a day. Stock: IPG: p/e: 22.8x Stock: WPPGY: p/e: 12.8x
So your products arent what they used to be. . .
Then you hire an over-priced agency to convince the genpop that what they want is what they wanted before. The world's largest organizations have been in cost-cutting mode for decades (as opposed to new value generation/ R&D). Well guess who joined that club--WPP. They're so behind the ball on everything important in this industry and will be losing clients hand over fist in the next 2 years. The reason being simple: they are caught up in the cost cutting BS of our greatest corporations of old. If you REALLY have to buy a stock in advertising (with a long-term down trend in motion), look to IPG and MDCA. You got your large cap that is doing things right and your smaller firm that is winning clients because they let their real talent do what they do best.
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Hah--perfect time for CEO to leave
ShortBias232 on Jul 22, 2008 05:31 PMOlgivy's CEO is on the outs. . . Yeah, upgrade WPP Group. . .