WPP : Excellent Q1, slight upgrade to our 2021 estimates
>Upside more limited but Outperform rating maintained - WPP yesterday reported a much better than expected Q1 gross margin, with organic growth of 3.1% while we expected +1.6% and the consensus -1.5%. In the agency sector, WPP has posted the best performance in Q1, just ahead of Publicis. WPP confirmed its guidance and held a conference call. Based on our updated model and estimates, we have raised our target price to 1,200p. The upside potential is now more limited ...WPP is a holding company. Through its subsidiaries, Co. is a communications services organization providing national and multinational clients a range of communications services. Co. is organized into four operating segments: Advertising and Media Investment Management; Data Investment Management; Public Relations and Public Affairs; and Branding and Identity, Healthcare and Specialist Communications. This last reportable segment includes WPP Digital and direct, digital, promotional & relationship marketing.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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