Publicis: Liberum cuts target price
(CercleFinance.com) - Liberum maintains its "hold" rating on Publicis, although has cut its target price from 47.
6 euros to 40 euros, the day after the pre-announcement by the media group of its Q3 revenues, which came along with a reduction in its FY target.
"Our view is that, while there are well known challenges for the Agencies, a significant number of the problems are Publicis specific and we think it is best to be on the cautious side of their guidance," the broker says.
"The one silver lining for the shares is that we think yesterday's news increases the chances of a bid for Publicis, either the whole or the Badinter shareholding, with Vivendi the most likely candidate," it adds however.
The Publicis share is being battered in the market on Friday, down 12% in mid-morning trading in Paris.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
6 euros to 40 euros, the day after the pre-announcement by the media group of its Q3 revenues, which came along with a reduction in its FY target.
"Our view is that, while there are well known challenges for the Agencies, a significant number of the problems are Publicis specific and we think it is best to be on the cautious side of their guidance," the broker says.
"The one silver lining for the shares is that we think yesterday's news increases the chances of a bid for Publicis, either the whole or the Badinter shareholding, with Vivendi the most likely candidate," it adds however.
The Publicis share is being battered in the market on Friday, down 12% in mid-morning trading in Paris.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.