UPDATE: Pivotal Research Group Reiterates Hold Rating, Raises PT on WPP plc on Full Valuation

In a report published Friday, Pivotal Research Group analyst Brian Wieser reiterated a Hold rating on

, and raised the price target from $75.00 to $80.00. In the report, Pivotal Research Group noted, “Updates to our WPP model reflect tweaks, but no meaningful changes to our outlook on the company. We continue to rate WPP a HOLD at current levels given full valuation. The change in our price target to 1020 from 980p ($80 from $75) previously reflects the higher risk-free rate we are incorporating at this time as well as an assumption that over the very long-term (post-2017) WPP normalizes its annual acquisition budget to one which is proportionately similar to Omnicom's (slightly less than we previously modeled). IPG remains our preferred stock among the advertising agency businesses we cover, and is our lone BUY rating within the sector.” WPP plc closed on Wednesday at $86.68.