JCDecaux: Oddo BHF on hold, trims TP

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on JCDecaux shares, trimming its target price for them from E23 to E22.


Last night JCDecaux published Q3 organic sales growth of 11.1% (Oddo BHF expected +11.2%), while the group had guided on 10%.

The momentum was therefore good, but the group warns that it should slow down in Q4, and guides on low single-digit growth, the broker points out, which highlights that the group usually communicates on a more precise figure, which, according to Oddo BHF, illustrates a certain lack of visibility.

The trend is therefore a little more difficult than expected, probably reflecting a more difficult economic and advertising context in recent months, particularly in France, the analyst concludes.


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