(CercleFinance.com) – Publicis gains almost 1% in Paris while Oddo BHF confirmed this morning its ‘neutral’ opinion on the stock, with a price target raised from 81 to 88.5 euros.
Yesterday, the group published its 2023 results and delivered a message of confidence for 2024, specifying that the lower end of its growth guidance was ‘solid’ (between +4 and +5%).
Oddo BHF thus realizes that its expectations were until now too cautious for 2024: the analyst was counting on organic growth of only 2% and is now targeting 4.6%.
‘It seems credible to us that the group is approaching the high end of its guidance, particularly in view of a sectoral dynamic which is favorable to it (health, automobile and FMCG) but also its 2023 budget gains’, underlines the broker.
For 2025, Oddo BHF is targeting 3% growth (the consensus is +3.8%) and is counting on a very slight increase in 2024 margin to 18.1% (i.e. +10 bp).
‘We have also integrated an increase in financial products linked to the high rate situation, which amplifies the increase in our EPS estimates for 2024 and 2025’, concludes Oddo BHF which targets EPS of respectively 7.65 euros and 7.87 euros for 2024 and 2025, representing increases of 14.7% and 2.8% compared to the previous estimate.