BofA and Goldman Sachs more cautious on JCDecaux shares

This is a double penalty for JCDecaux. The title of the French specialist in outdoor communication is the victim of two negative analyst ratings, that of BofA, which went from “purchase” to “underperformance”, with a price target of 13 euros, and that of Goldman Sachs , which remains to “sell” on the value while reducing its target price from 21 euros to 16 euros. In a note devoted to the media and the Internet, Goldman Sachs once again reduced its earnings forecast for the sector, the macroeconomic context calling, according to the authors, for more caution. In April, the American investment bank had already been cautious, lowering its outlook by saying that advertising spending could be vulnerable to potential stagflation. On the stock market, the JCDecaux title is struggling: it fell 7.8%, to 15 euros, at midday on Tuesday. Publicis is hardly better off. The title is down 4%, to 42 euros, after Goldman Sachs (still) downgraded its opinion from “buy” to “neutral” to target 53.1 euros, against 74.9 euros previously.