UPDATE: Wedbush Raises PT to $80 on WPP plc on Margin Expansion Outlook

Wedbush maintained WPP plc

with an Outperform rating and raised the price target from $78.00 to $80.00. Wedbush noted, "Raising our 2013 EPS estimate farther above consensus – to 81.5p from 79.6p – on sterling's swoon, while leaving operating assumptions unchanged. Our 2013 operating assumptions remain 3.0% organic growth and 60bps of margin expansion. We note two WPP-specific positives: 1) AKQA could boost organic growth by up to ~50bps, and 2) the drag on growth from market research declines in developed markets (~50bps in 2012, we estimate) seems likely to moderate. Our incremental margin assumption for 2013 is 27% - vs. typical 25-33% range." WPP plc closed at $77.93 on Tuesday.