Publicis: Berenberg maintains bullish view

(CercleFinance.com) - Berenberg said that it remains bullish on Publicis, maintaining its "buy" rating on the stock, along with its target price of 73 euros.


The broker said that a recent management roadshow increased its confidence in the French advertising group's ability to resume better levels of growth, without sacrificing profitability.

"While the market continues to doubt that Publicis can both grow organically and sustain its industry-leading margins, we believe growth and margins are not incompatible," Berenberg said.

In the German broker's opinion, there is headroom for a meaningful re-rating as growth re-accelerates through 2019 and 2020, and earnings growth increases.

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.