"Advertising giant WPP was the biggest loser on the Footsie this morning after Citigroup warned that now is not the time to buy.
The big-hitting broker has cut the rating on Sir Martin Sorrell's company from buy to hold and slashed its price target from 552p to 440p.
WPP's shares dropped 6p to 397 1/2p in a widely higher London market after analysts said that the seasonal nature of the business, with the last three months of its year proving its most profitable thanks to a Christmas advertising rush, means it no longer thinks clients should snap up the stock." - Evening Standard market report, Monday March 23.
"Advertising giant WPP was one of the biggest losers after Citigroup warned that now is not the time to buy.
The heavyweight broker cut its rating on Sir Martin Sorrell's company from buy to hold and slashed its price target from 552p to 440p.
Citigroup analysts argued that now is not the time to buy the company's shares because of the seasonal nature of the business, with the last three months of its year proving its most profitable thanks to a Christmas advertising rush.
WPP shares shed 33/4p." - Daily Telegraph market report, Tuesday March 24.
Tuesday, 28 April 2009
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