Cushman & Wakefield downgraded to Neutral from Buy at UBS

UBS analyst Alex Kramm downgraded Cushman & Wakefield to Neutral from Buy with a price target of $10, down from $19. The stock performance and valuation appears to already reflect a challenging environment, but UBS acknowledged its outsized negative estimate revision, given the company’s lower margins and higher leverage relative to peers, the analyst tells investors in a research note.