Publicis : Momentum improving in the short and long term (Buy vs Neutral)
We are upgrading our rating on Publicis from Neutral to Buy with a target price of € 38 vs € 34 previously. The stock looks like an attractive vehicle to capitalise on an advertising catch-up over the end of the year. The valuation is still weak whilst structural risks are gradually subsiding under the effect of a more balanced relationship between advertisers and advertising agencies in the context of the pandemic. Our valuation factors in stability in the long term (+0.5% vs -0...Publicis is holding company. Through its subsidiaries, Co. is engaged in marketing, communication and digital transformation. Co. designs a customized package of services to meet each client's particular needs through a holistic and global approach. In addition, Co. provides financial markets with information concerning the relative size of each of the different business sectors for the sole purpose of allowing sector comparisons. Co.'s principal activities comprise four main categories: Digital, Advertising, Specialized Agencies and Marketing Services (SAMS) and Media.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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