WPP shares fell in London after analysts at investment bank UBS downgraded the world’s biggest advertising group to "sell" from "buy".
The analysts say the company faces another challenging year with exposure to technology clients.
UBS cut WPP’s share price target to 700 pence from 1,200 pence.
On the London Stock Exchange, WPP’s shares were down 4% to 729 pence.
The company was disappointed in its September quarter top line revenue growth as clients continue to be “cautious” advertising spenders.
Reported revenue was down 1.8% to GBP3.508 billion but up 2.3% on a like-for-like basis.
WPP, for the second time in 2023, cut full year revenue outlook to growth of between 0.5% to and 1%, down from a previous estimate of 1.5% to 3%.
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