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JCDecaux: stock stumbles with Deutsche Bank downgrade

( - JCDecaux shares were one of the biggest fallers in the SBF 120 index on Tuesday morning in Paris, as Deutsche Bank downgraded the stock on valuation grounds.

An hoour into trading, the French outdoor advertising group's share was down just over 1%, while the SBF was up 0.2% at the same time.

In a sector note, Deutsche Bank points out that both JCDecaux and its German competitor Stroeer have made a good start to the year, managing to maintain their double-digit growth rates.

In its opinion, this positive momentum should continue in Q2, thanks to the Euro 2024 soccer tournament and the Olympic Games, before slowing somewhat in H2.

While appreciating JCDecaux's positioning in the outdoor advertising market from a long-term perspective, the research firm points out that its share price has already appreciated by around 20% this year.

The analyst, who explains that he sees fewer favourable catalysts now that the effect of the Olympic Games is priced in by the market, has consequently downgraded his recommendation to 'hold' (from 'buy'), with a TP maintained at E22.

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