Publicis: Oddo BHF raises target price
(CercleFinance.com) - Oddo BHF confirms its "neutral" rating on Publicis shares, with a price target raised from E75 to E77.
The broker believes that Q4 should remain "dynamic", with Publicis continuing to benefit from its 2022/23 contract wins at Publicis Media and Epsilon, along with its cost base which remains under control.
Against this backdrop, Oddo BHF has raised its expectations for 2023, with organic growth expected at 6% versus +5.6% previously, at the top end of Publicis' guidance range (between +5.5% and 6%).
The broker anticipates growth of 4.8% in Q4, and estimates that the operating margin should reach 18.1% in FY 2023.
Oddo BHF has therefore raised its EPS estimate by an average of 4% over 2023/2024.
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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.
The broker believes that Q4 should remain "dynamic", with Publicis continuing to benefit from its 2022/23 contract wins at Publicis Media and Epsilon, along with its cost base which remains under control.
Against this backdrop, Oddo BHF has raised its expectations for 2023, with organic growth expected at 6% versus +5.6% previously, at the top end of Publicis' guidance range (between +5.5% and 6%).
The broker anticipates growth of 4.8% in Q4, and estimates that the operating margin should reach 18.1% in FY 2023.
Oddo BHF has therefore raised its EPS estimate by an average of 4% over 2023/2024.
Copyright (c) 2023 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.