Investment bank ABN Amro made the change because it believes Havas "is facing difficulties on many fronts", according to a research note.
As with Cordiant Communications' profit warning, which was also announced today, blame was put on the recent events in the US, although ABN Amro added, "The advertising recession is hitting hard. Acquisitions seem to be underperforming and key client sectors are halting advertising campaigns."
Havas' shares are currently trading at €7.16 (£4.46), down 5.3% on yesterday's close of €7.56 (£4.71). Last week Alain de Pouzilhac, Havas chairman and CEO, said the company did not intend to extend the period for acceptance of its offer for media buying firm Tempus, citing the change in market conditions.
The exit of Havas leaves the advertising industry and the city waiting to see if WPP Group will now go through with its offer for Tempus, which has now been accepted.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .