Citi analyst Thomas Singlehurst reiterated a Buy rating and GBp 1,100 price target on WPP (WPP) after Amazon (AMZN) opted to split its global media buying mandate between Omnicom (OMC) and WPP. The firm said it doesn’t know precisely how the economics will be split, but it estimates the win for WPP will provide a tailwind of 0.3%-0.5% in terms of 2025 organic growth and upwards of 2%-3% upside to consensus forecasts, which will be welcome. Moreover, it should provide some reassurance on the strength of WPP’s structural position in global media buying, supporting the multiple, the analyst tells investors in a research note.
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