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WPP: still falling; analyst maintains sell rating

(CercleFinance.com) - The WPP share continued to fall on the London Stock Exchange on Friday (-1%), after tumbling 8% on Thursday.

Invest Securities has repeated its "sell" rating on the stock, trimming its price target from 10.8 pounds to 10.5 pounds, after the group's publication of disappointing 2017 results, with both a gross margin and EBITA falling short of the consensus.

The broker pointed out that it is particularly the group's flat 2018 budget and no growth in its gross margin and a flat operating margin that has weighed on the share, which, in addition, its conference failed to clarify "whether the trends were cyclical or structural".

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