JPMorgan Raises WPP Target Price to £390 Amid Signs of Recovery

JPMorgan Chase & Co. analysts have increased their target price for WPP (LON:WPP) stock to GBX 390 from GBX 350, according to a research note issued on Friday.

The brokerage maintained its 'neutral' rating on the stock, which has a market capitalization of £4.21 billion and a beta of 0.68. WPP reported a 4.7% like-for-like decline in first-half adjusted revenue but showed signs of stabilization and recovery.

The company's profit growth outpaced its revenue decline, indicating that cost controls and efficiency measures are supporting margins. This has driven reports of a more than 20% share-price jump.