UPDATE: Wedbush Raises PT to $86 on WPP plc; Model Looks Good Vs Market

Wedbush maintained WPP plc

with an Outperform rating and raised the price target from $80.00 to $86.00. Wedbush noted, "EPS estimates for more f/x lift in 2013 and higher organic revenue growth assumption for 2014. The hits are: 1) consensus EPS estimates are likely heading higher, largely on currency lift, as we previewed, 2) the outlook for headline margin expansion is bolstered by a number of WPP-specific factors, including a) increasing mix from higher-margin business like Media Investment Management and regions outside developed markets, b) savings from severance included in 2012 restructuring charge, and c) IT/finance systems upgrades." WPP plc closed at $79.61 on Friday.