(News Bulletin 247) – While reiterating its ‘neutral’ opinion, Oddo BHF adjusts its price target on Publicis from 73 to 72 euros, the day after the publication of the quarterly results of its American peer Omnicom, marked by slightly lower organic growth expectations to.
‘While Publicis should generate 61% of its turnover in North America, it should be negatively impacted by the very recent rise in the euro against the American currency’, estimates the analyst, who updates his estimates accordingly. annuals.
For 2023, based on the spot rate, Oddo BHF is therefore revising its 2023/24 EBITA sequence downwards by 3%. He is thus counting on pressure on the operating margin, “especially since the group will be impacted by the increases in the workforce granted in 2022”.
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