WPP is still a 'sell' says Swiss bank

UBS is sticking with a 'Sell' rating on WPP PLC (LSE:WPP) despite Tuesday's better-than-expected first-quarter update, with the Swiss bank arguing that the advertising group's near-term recovery story still lacks a catalyst. The broker left its 12-month price target unchanged at 210p, versus a share price of 259p in the note, implying 18.8% forecast price downside before dividends.