(News Bulletin 247) – Oddo BHF maintains its ‘neutral’ rating on the Publicis share, with a price target raised from 69 to 73 euros.
The analyst firm reports that momentum remains ‘strong in Q2’ but its expectations are broadly unchanged at the EBIT level.
“We estimate that the group’s valuation is now reasonable (PE 2023 of ~12x) in view of the risks of a slowdown from H2 2023”, underlines the broker.
Oddo BHF reports that in Q2, the group expects organic growth between 3% and 5% with superior performance for Epsilon and Sapient. On this basis, Publicis estimates that annual organic growth should come out between 4% and 5% (against between 3% and +5%).
For its part, the analysis office now expects +4.5% against +3.4% for 2023. “In particular, we slightly raised our expectations for Q2 (+4.7%e) and Q3 (+ 4.8%e). For the moment, we remain cautious on Q4 (+1.9%e)’, specifies the analyst.
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