Oddo BHF reiterates its "outperform" opinion on Publicis with a target price raised from €110 to €115, reflecting a slight upward revision of its long-term margin expectations for the communications group.

Following a roadshow in North America with Jean-Michel Bonamy, deputy CFO of Publicis, the research firm highlights a message that "remains positive on the organic trend" for the fourth quarter of 2025 and 2026.

"We come away with a stronger conviction about momentum in 2026 and beyond, with solid EPS growth and, in our view, a possible increase in share buybacks if the M&A budget is not fully spent," the analyst continues.

Oddo BHF adds that the current Publicis share price "still represents a very attractive valuation with a 2026 PE of 10.7 times, constituting an interesting entry point for a stock with an FCF yield of 10%."