BUZZ-WPP: Deutsche Bank ups to 'buy', sees limited downside risk

** Shares of WPP are up over 3 pct; stock 2nd biggest gainer on FTSE 100 index

** "Expectations for WPP are now so low that even delivery of current guidance will be enough for the shares to enjoy a re-rating" - Deutsche Bank

** The brokerage upgrades to "buy", says co. looks too cheap

** The shares are trading on a multi-year discount in terms of PE relative, it adds

** With a 7 pct dividend yield, covered by both earnings and cash, broker thinks downside risk is limited

** However, DB is not forecasting a return to meaningful growth any time soon