Publicis: still no visibility, Credit Suisse says
(CercleFinance.com) - This morning Credit Suisse confirms its neutral rating on the Publicis share, before the advertising group publishes its interim results in July.
While sticking to its stance, the broker maintains its target price at 58 euros, which suggests upside potential of over 25%.
While Publicis' management expects to return to positive organic growth in Q2 - analysts expect growth to be limited to 0.6% - considering that the consensus forecasts between +0.5% and +1%. Note that the comparison basis is fairly favourable, with the group reporting a contraction of 2.1% in Q2 2018.
Credit Suisse notes that this has not prevented the share's 2020 P/E from falling from 9.3x to 8x in the space of a month, due to fears of a disappointment. The note laments that visibility remains very low, while the last month of the quarter has not yet completely finished.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
While sticking to its stance, the broker maintains its target price at 58 euros, which suggests upside potential of over 25%.
While Publicis' management expects to return to positive organic growth in Q2 - analysts expect growth to be limited to 0.6% - considering that the consensus forecasts between +0.5% and +1%. Note that the comparison basis is fairly favourable, with the group reporting a contraction of 2.1% in Q2 2018.
Credit Suisse notes that this has not prevented the share's 2020 P/E from falling from 9.3x to 8x in the space of a month, due to fears of a disappointment. The note laments that visibility remains very low, while the last month of the quarter has not yet completely finished.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.