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Publicis: Liberum cuts target price

( - Liberum maintains its "hold" rating on Publicis, although has cut its target price from 47.
6 euros to 40 euros, the day after the pre-announcement by the media group of its Q3 revenues, which came along with a reduction in its FY target.

"Our view is that, while there are well known challenges for the Agencies, a significant number of the problems are Publicis specific and we think it is best to be on the cautious side of their guidance," the broker says.

"The one silver lining for the shares is that we think yesterday's news increases the chances of a bid for Publicis, either the whole or the Badinter shareholding, with Vivendi the most likely candidate," it adds however.

The Publicis share is being battered in the market on Friday, down 12% in mid-morning trading in Paris.

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