JCDecaux: Berenberg still a buyer, but cuts TP

(CercleFinance.com) - On Wednesday, Berenberg maintained its buy recommendation on the stock of the outdoor advertising group JCDecaux, while cutting its target price from 23 euros to 20 euros (28% upside).


"With EUR1.8bn of cash as at June, and additional liquidity of over EUR550m in undrawn facilities, JCDecaux is positioned to weather the storm," the German broker said in a note.

"This gives the group flexibility to continue to invest in digital (as it continued to do in H1) ahead of the recovery in advertising revenues which we expect in due course," the broker adds.



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