Pivotal Research Group analyst Brian Wieser cut Interpublic Group of Cos. Inc., Publicis Groupe SA and WPP Plc's rating to "hold" from "buy." The analyst maintained his "hold" rating on Omnicom Group Inc.

The analyst cited "risks" related to squeezing fees from clients, competition from adjacent industries, reduced competition between marketers and demand for advertising services.

Wieser, however, maintained the price targets on IPG at $26, Omnicom at $75, Publicis at €65 and WPP at 1,580 pence.