WPP: share price falls, UBS no longer buy
UBS has upgraded its rating to Sell (from Buy), with its target price cut sharply to 700 pence (from 1,200 pence), representing a decline of 7% on the current price.
The analyst believes that 2024 looks set to be another difficult year. Our cautious stance on WPP reflects its exposure to the TMT sector, but also the slowdown in the Group's growth. Even if FCF is expected to improve, we do not foresee such an improvement in 2024', says UBS.
For the current year, the communications group now anticipates only like-for-like sales growth (less passed-on costs) of around 0.5 to 1%, and an overall operating margin of between 14.8 and 15% excluding currency effects.
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