Publicis: Liberum no longer on 'buy'

(CercleFinance.com) - Liberum downgrades its recommendation on Publicis from "buy" to "hold" and brings its price target from 65 to 47.
6 euros, in the wake of disappointing second-quarter results, with organic revenue growth of 0.1% compared to a consensus of 0.7%.

The financial intermediary also notes that the communication group brought its annual guidance down from more than +0.8% in 2018 to one that is broadly flat “blaming client pressures and the effects of their transformation”.

“While we like the Agencies in general, [...] it is clear that management do not have a full grasp on what is happening and that makes us cautious [...]” comments the broker, who is recommending WPP for long-term investors looking for agency exposure.

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