Oddo BHF has downgraded its opinion on WPP from 'Outperform' to 'Neutral', with a price target reduced from 1150 to 990 pence, judging that the valuation remains very attractive, but fearing that the stock lacks a short-term catalyst.

Admittedly, the Group's valuation is very low (PE 2024 of 6.9 times) and momentum should gradually improve, but we were concerned that this might take longer than we had previously expected", says the analyst.

In particular, the consultancy believes that the next six months should not present any major catalyst, and that the CMD of the British communications group should set medium-term rebound prospects.

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