Publicis: Credit Suisse still neutral, but raises TP

(CercleFinance.com) - Crédit Suisse estimates that Publicis will post negative organic growth of 6.
5% for FY 2020.

After a 5.6% fall in Q3, revenues in Q4 are therefore expected to decline by 5% in Q4, the broker predicts.

Crédit Suisse highlights the impact of FX factors on Publicis' revenues: it estimates falls at -1% in 2020 and -4% in 2021. However, these effects are expected to be zero in 2022, the analyst predicts, estimating that this period will be a "year of recovery".

The broker is thus revising its operating profit estimates for 2020 (-3%), 2021 (-5%) and 2022 (+1%).

Crédit Suisse has increased its target price for the share to 44 euros (vs. 35.8 euros previously - current price: about 43 euros). "Given limited upside to our TP we maintain a Neutral rating," on the stock, the broker concludes.


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