The bank said that WPP was well positioned to exploit the structural growth in the advertising and marketing sectors, despite its "bumpy ride" over the takeover bid.
At the same time, Deutsche Bank removed Reed International, the Anglo-Dutch science-to-business publisher, from its European focus list.
Both companies saw their share prices rise in morning trading. Reed was up marginally, by 1.7% to 589p. WPP's much-fluctuating share price was up 3.5% to 512.5p.
WPP is due to publish its results this Thursday. The market is eagerly anticipating its figures, as it is widely seen as a barometer of the media market.
In a research note, Deutsche Bank said that it expects WPP to say its current targets are unsustainable, and will have to be reduced, from 15% in 2001 and 15.5% in 2002.
Other banks have forecast lower revenues for WPP. Lehman Brothers expects organic revenue growth to fall from 3% in the first half to 1%-2% for the first nine months of the year.
ABN Amro also predicts a 3% decline in organic revenue for the quarter for WPP.