WPP price target lowered to $37 from $38 at BofA

BofA analyst Adrien de Saint Hilaire lowered the firm’s price target on WPP (WPP) to $37 from $38 and keeps an Underperform rating on the shares. Q1 marked the slowest growth in four years for ad agencies and while no major ad cuts have been observed to date, the firm expects lower GDP growth to result in 1-2 points of organic sales growth deceleration in 2026, which leads the firm to reduce its 2026 EPS estimates by 2%-9% when combined with adverse foreign exchange impacts, the analyst tells investors in a group note.