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Analyst cuts WPP rating to 'hold,' citing valuation

Pivotal Research Group analyst Brian Wieser on June 4 downgraded London-based advertising and public relations giant WPP PLC to "hold" from "buy," noting the stock's recent gains.

He also lowered his price target on the stock to 1,230 British pence from 1,330 pence.

Wieser pointed to some uncertainty for the company in the near-term as it searches for a new CEO. WPP's long-time chief Martin Sorrell departed in April. Wieser also said a sale of WPP's data and market research unit Kantar would help the company raise cash and appease investors.

"While we maintain a positive long-term view on the company and its sector, we think that downside risks will remain on top of investor minds for the near term," the analyst wrote.