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JCDecaux: Barclays upgrades stock

( - Barclays has upgraded its rating on JCDecaux shares from "equal weight" to "overweight", significantly increasing its target price for them from 16 euros to 27.
5 euros, the day after the outdoor advertising group announced its 2022 revenues.

Although it acknowledges being "late to the turn in the stock (up 83% from its 29 September low of E11.58)", the broker believes that there is still plenty of upside potential, and has posted above-consensus EBITDA and EPS forecasts for 2023.

"Decaux might face a macro slowdown in Europe and the US, but China and Airports Covid-related tailwind means it should still grow nicely in 2023E," it adds.

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