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Publicis: in green after its results, a broker in support

( - Publicis gained nearly 1% in Paris this morning as Oddo BHF confirmed its 'neutral' opinion on the stock, with a price target raised from 81 to 88.
5 euros.

Yesterday, the group published its 2023 results and delivered a message of confidence for 2024, stating that the bottom end of its growth guidance was 'solid' (between +4 and +5%).

Oddo BHF thus realizes that its expectations for 2024 were previously too cautious: the analyst was expecting organic growth of just 2%, and is now targeting 4.6%.

'We feel it is credible that the Group is approaching the upper end of its guidance range, particularly in view of its favorable sector dynamics (healthcare, automotive and FMCG), but also of its budget gains in 2023', stresses the broker.

For 2025, Oddo BHF is targeting 3% growth (the consensus is +3.8%) and a very slight increase in the 2024 margin to 18.1% (+10 bp).

We have also factored in an increase in financial income in line with the high interest rate situation, which amplifies the increase in our EPS estimates for 2024 and 2025", concludes Oddo BHF, which is targeting EPS of 7.65 euros and 7.87 euros respectively for 2024 and 2025, representing increases of 14.7% and 2.8% on the previous estimate.

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