The analyst believes that 2024 looks set to be another difficult year.

UBS upgrades to Sell on the stock (from Buy) with a sharply lowered target price of 700 pence (from 1,200 pence), representing a 7% fall from the current price.

' Our cautious stance on WPP reflects its exposure to the TMT sector, but also the Group's slowing 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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