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Publicis: Invest Securities remains cautious on share

(CercleFinance.com) - Admittedly, the publication of Publicis' annual accounts was welcomed by the market yesterday, although Invest Securities is still cautious towards the stock.

The broker's research report was entitled "A swallow doesn't make the spring," confirming its “neutral” rating on the stock, as well as its target price of 55.5 euros.

Last year, the French advertising group recorded organic sales growth of 0.8%, with an acceleration at the end of the period (+2.2% in Q4). And although the group's operating margin is declining (by ten basis points), this is because of the group's restructuring. Finally, management believes that its growth will accelerate in 2018 and that its margin will improve.

All this may be so, but Invest Securities emphasizes that during the forthcoming investor day of 20 March, Publicis will reconsider its medium-term forecasts made in 2013, including an EBITA margin of at least 17.3%, which is now at risk.

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