Panmure Gordon has hiked its target price for advertising and media group WPP and retained its 'buy' rating, saying that the firm is on track for a strong second half."We now upgrade our WPP target price to 1450p (from 1250p). We consider WPP is set fair for a strong H2 2013 (and beyond), taking into account strengthening revenue trends and more aggressive use of free cash flow," said analyst Alex DeGroote.The broker has raised its earnings per share (EPS) estimates for 2013-2015 by 2-3% on the back of WPP's first-half results and outlook announced last week."The main driver of these upgrades is a higher revenue growth assumption, including organic and acquisition."Its dividend forecasts have also been upgraded due to account earnings and cash flow as well as the firm's commitment to a higher payout ratio.As for the big news within the industry of the merger between rivals Publicis and Omnicom, Panmure remains upbeat, saying that client fall-out from the new combined entity could be positive for WPP. Meanwhile, it said there is evidence institutional shareholders switching into WPP and out of Publicis/Omnicom.DeGroote said: "EPS risk is very much on the upside and, together with only modest multiple expansion from current levels, should result in share price upside of 15%-20%. We retain a 'buy' stance."The stock was trading broadly flat on Friday morning at 1,243.2p.BC