Ad agency WPP got a double-downgrade, to sell from buy, at UBS, which argues organic sales growth will be below consensus and below the sector for both this year and the medium term, and that free cash flow will remain at depressed levels this year, limiting any share buyback. UBS noted that WPP has high exposure to TMT clients compared to rivals, and GroupM has been growing more slowly than some of its peers. Analysts led by Adam Berlin also cut WPP’s price target to 700 pence from 1,200 pence.
