WPP downgraded to Sell from Buy at UBS

UBS double downgraded WPP to Sell from Buy with a price target of 700 GBp, down from 1,200 GBp. The firm’s caution on WPP reflects its exposure to the tech, media and telecom sector, but also slowing growth in Group M, the analyst tells investors in a research note. UBS says that while the company’s free cash flow should improve, this is unlikely to happen in 2024.