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JCDecaux: Deutsche Bank returns to 'hold

( - Deutsche Bank announced on Tuesday that it had downgraded its recommendation on JCDecaux shares to 'hold' from 'buy', with a price target maintained at 22 euros, due to valuation issues.

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 view, this positive momentum should continue in the second quarter, with the Euro 2024 soccer tournament and the Olympic Games, before slowing somewhat in the second half of the year.

While it appreciates 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 favorable catalysts now that the effect of the Olympic Games is well integrated by the market, has consequently downgraded his recommendation.

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