WPP: shares fall on broker downgrade

(CercleFinance.com) - WPP shares are sliding over 3% on Tuesday, after Berenberg downgraded its rating on the British advertising group from "hold" to "sell".


The German broker also cut its target price for the share from 1,275 pence to 1,075 pence.

"We expect WPP's situation to get worse before it gets better, and we hence downgrade to sell," Berenberg wrote in a report sent to clients.

"Regardless of the reasons for recent management change, WPP's first-quarter relative performance versus peers showed that all is not well from an operational perspective," it added.

WPP shares have fallen to 1,202.5 pence in morning trading in London today, after closing at 1,250.5 pence on Monday evening.



Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.