WPP PLC has seen its share price target slashed by Deutsche Bank analysts after disappointing with guidance in results on Thursday.
Though a ‘buy’ rating was reiterated, Deutsche took the advertising firm’s price target from 1,035p to 875p.
WPP had unveiled a 0.7% drop in reported revenue to £14.7 billion and 2.5% fall in operating profit to £1.7 billion on Thursday.
“Weaker client discretionary spend” had weighed, it said, leaving guidance of “flat to -2%” in like-for-like revenue less pass-through costs over the coming year.
Deutsche noted the results, which had seen shares plummet, dealt a “material hit to forecasts and investor sentiment”.
Analysts added: “Given the message that recovery looks second half-weighted, shares may take some time to reflect any better [or] improved trading.”
Shares fell a further 1.1% to 638.16p on Friday.