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Michele Maatouk Sharecast News
11 Apr, 2022 11:06

Goldman Sachs downgrades WPP to 'neutral'

dl wpp wire and paper products advertising marketing agency logo office ftse 100 min
WPPCompany photo / WPP

WPP

828.20p

16:35 27/12/24
-0.36%
-3.00p

Goldman Sachs downgraded advertising giant WPP on Monday to ‘neutral’ from ‘buy’ as it took a look at internet and media stocks.

FTSE 100

8,149.78

16:54 27/12/24
n/a
n/a

FTSE 350

4,495.62

16:29 27/12/24
n/a
n/a

FTSE All-Share

4,453.14

17:05 27/12/24
n/a
n/a

Media

12,861.12

16:29 27/12/24
0.00%
12,861.12

Pearson

1,290.00p

16:40 27/12/24
0.90%
11.50p

RELX plc

3,631.00p

16:40 27/12/24
0.39%
14.00p

The bank cut its 2022/23 earnings per share estimates by 7% on average for its coverage, reflecting its economists’ lower macro forecasts, strategists’ views on a stagflationary environment, the latest company data points and FX changes.

"We also run a downside scenario based on global GDP 3pp below our economists’ current forecasts, which implies an 11% further cut to our 2022E EPS on average," GS said.

"In a stagflationary environment, we view Pearson, Relx and UMG as the most attractive buy rated stocks in our sector. We also upgrade Adevinta and Schibsted to buy and downgrade Pro7, RTL and WPP to neutral, and Stroeer to sell."

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