WPP Share News (WPP)

(ShareCast News) - WPP's shares declined on Monday on the back of third quarter like-for-like sales missing analysts' estimates, but Investec issued the advertising giant an 'add' rating, citing growth in digital and emerging markets.In a note to investors, Investec analyst Steve Liechti said while the third quarter was "not as good as hoped", it kept its full-year guidance unchanged for like-for-like 3% growth."We like the growth shift to digital/emerging markets (EM) and cash generation, but see some unhelpful near-term global GDP uncertainty," he wrote, citing EM macro economics and foreign exchange effects.Forecasts were not expected to change materially apart from tweaks to geographic assumptions given third quarter trends, better expected EM in the fourth quarter and softer fourth quarter group comparatives."WPP reported revenues for the three months to 30 September were up 5.9% to £2.93bn, however at a constant exchange rate the company's revenue rose 7.9%. Like-for-like net sales rose 3.3%, stronger than 2.3% in the first half, driven by particularly strong growth in advertising and media investment management as well as direct, digital and interactive and specialist communications.WPP said that while its forecasts are characteristically cautious, it expects revenue and net sales in the fourth quarter will show higher growth than the first nine months. Shire Pharmaceuticals declined on Monday after Credit Suisse cut its price target and forecasts for 2016 earnings.Analysts at the Swiss broker said while Shire has leading positions in pricing power and top line growth, there are "multiple overhangs" including the proposed Baxalta acquisition, the hold-up in receiving regulatory approval of lifitegrast and Lialda patent challenges."We are cutting our price target from £56.80 to £54 to reflect market moves and a 3% cut in 2016 earnings per share," Credit Suisse said, issuing a 'neutral' rating for the stock.Shire, which reported growth in third quarter sales and profit last week, said it is continuing to pursue its bid for US company Baxalta but did not indicate whether it was sweetening its offer. A bid for the firm was made public in August."The Baxalta hostile bid remains the single biggest unknown at Shire. Fundamentally we believe it is an attractive combination with significant revenue and cost synergies," said Credit Suisse.Meanwhile the US Food and Drug Administration has asked for more inflation about lifitegrast, a medicine for dry eye disease, before approving the drug.In another hurdle for Shire, the US Patent and Trademark Office is taking a second look at a patent that protects the company's colitis medicine Lialda from generic competition. Analysts at Citi lowered their target price on metals miner Anglo American on the back of the company's latest production guidance for fiscal year 2015.When compared with the broker's previous forecasts, that implied lower volumes for diamonds and iron ore but better ones for base metals.Nonetheless, the now lower projections for 2015 meant Citi now had to lower its production estimates for the company in 2016.The research team led by Heath Jansen also updated their model to account for higher costs, especially at Kumba (due to higher stripping), its Johannesburg-listed iron ore miner.Their estimate for Anglo American's earnings per share in 2015 remained flat at 83 US cents, while that for 2016 was cut to 38 US cents from 46 US cents.The broker also lowered its target price to 600p from 650p, albeit keeping its neutral/high-risk recommendation intact.