(CercleFinance.com) – Bank of America maintained its buy recommendation on Publicis on Friday, with a price target raised from 82 to 87 euros, believing that the French communications group had finally regained its ‘mojo’.
In a research note, the research department indicates that it has revised its earnings forecasts for the company for the 2023/2025 period upwards by between 2% and 4% following the publication of its 2022 annual results.
“The publication has reinforced our view that organic growth is back at Publicis, even better than the economy as a whole, which justifies a revaluation movement”, he underlines.
BofA also says it welcomes the outlook for the 2023 financial year, which it believes is likely to justify upward revisions to analyst forecasts.
The professional, who points out that the title only trades on a PER of 11x, makes the action his preferred value (‘key pick’) within the sector.
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