Best Idea Update: WPP Remains Attractive at Current Levels; IPG Continues to Execute Well
After meeting with two of the largest ad holding firms, WPP and IPG, we continue to believe that some margin expansion for both remains intact for 2018. In addition, we do expect WPP to return to organic gross revenue growth in 2019 and possibly this year. IPG shares are trading in 3-star territory, and while we removed the name from our Best Ideas list last month (as those shares had appreciated more than 20% since September 2017, compared with S&P 500’s 10%), a pullback on the stock could ...
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