Wells Fargo Maintains Outperform on WPP

Wells Fargo is out with its report today on WPP WPPGY, maintaining Outperform. In its report, Wells Fargo writes, "We lower our FY2011 and FY2012 EPS estimates to 61p and 68p, respectively, down from 62p and 69p. Due to our forecast revisions, we are lowering our valuation range to 810-820 from 920-930 previously, applying a 12x multiple to our revised FY2012 EPS estimates. We maintain our Outperform rating." At the time of posting, shares of WPPGY were trading at $48.34, up 0.21% from Friday's close.