Deutsche Bank has downgraded 4imprint Group Plc (AQSE:FOUR) from 'buy' to 'hold' and slashed its price target from 6,250p to 3,900p, warning that ongoing macroeconomic uncertainty and weaker end-market conditions are likely to weigh on advertising and consumer-facing businesses.
The move comes as part of a broader reassessment across the sector, with the German bank trimming forecasts for a range of media and marketing groups.
While it sees longer-term structural resilience in service-led agency models, the bank said volatility in client spending and pressure on corporate profits are already feeding through into reduced ad budgets.
The updated note assumes a largely flat advertising market in 2026 and pushes 2025 downgrades into the second half of the year.
Price targets were also lowered for WPP, S4 Capital, YouGov, M&C Saatchi and Future.
Deutsche said its views are preliminary, with much depending on how new tariff measures and broader policy responses develop in the coming months.