From Dow Jones & Company:

WPP ad agency was downgraded to sell from buy by UBS, citing projected below-consensus organic sales growth and limited free cash flow. The firm also has high exposure to TMT clients compared to rivals, and its GroupM division is growing slower than peers. UBS slashed WPP’s price target to 700 pence from 1,200 pence. As a result, WPP shares dropped 3% to 737 pence in morning trade in London.



Read more: WPP gets double-downgrade to sell at UBS over tech exposure