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Analyst lifts WPP to 'buy' on favorable upside potential to stock

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Analyst lifts WPP to 'buy' on favorable upside potential to stock

Pivotal Research Group analyst Brian Wieser upgraded London-based advertising and public relations giant WPP Plc to "buy" from "hold," citing "favorable upside potential to the stock on a risks-adjusted basis."

The price target on the company's stock is 1,420 pence.

Last month, Wieser downgraded WPP's rating to "hold" from "buy."

WPP's profit attributable to owners jumped 29.7% on a reported basis to £1.82 billion in 2017 from £1.40 billion in the previous year, according to preliminary results. Diluted earnings rose 31.9% to £1.42 per share in 2017 from £1.08 per share in the previous year, reflecting the benefit of an exceptional tax credit of £206 million.