Jefferies has downgraded its recommendation on media group WPP (LON:WPP) to 'hold' from 'buy' stating that the shares are up with events.
The broker commented: "We argue that heightened competition and pivoting more to digital will require further investment and restructuring of the legacy business, impacting growth and limiting margin expansion.
"Having outperformed Publicis by 7% in 2014, 14% in 2015 and 6% YTD, we argue much is priced-in."
Analysts have trimmed their price target to 1,820 pence per share (from 1,850 pence).
At 2:25pm: (LON:WPP) WPP Group PLC share price was -32.5p at 1789.5p