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Publicis: Berenberg downgrades stock, slashes target price

( - Berenberg has downgraded its buy rating on the Publicis share, which has bit hit by a new warning made by the group last week.
It now recommends investors "hold" the share.

Alongside this downgrade, the broker has slashed its corresponding target price by over 40%, from 73 euros to 42 euros.

Management had already flagged that the period of "attrition" would last longer than expected, "but the situation appears to have worsened again in September" the broker sayss. At issue: unsurprisingly, is the consumer goods sector in the United States. In addition, management has warned that Sapient was having difficulties. Analysts take all these factors into consideration in attributing their new rating.

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