Oddo BHF maintains its 'neutral' rating on Publicis shares with an unchanged target price of €100.

The analyst reports that Publicis delivered a very confident message about 2025 during the conference call held after the publication of its Q1 net income.

Admittedly, the environment is toughening, but the budget gains of recent months will make it possible to sustain organic growth and thus achieve the guidance (between +4% and +5%), the analyst says, who has nudged up his annual organic growth forecast to +4.3% (vs. +4.1%).

For 2026, Oddo BHF expects a very gradual deterioration of the advertising environment, particularly in the US, with a potential contraction of household consumption (under the effect of a drop in confidence) which would immediately lead to a decline in the advertising market.

In this context, we remain fairly cautious about 2026 with organic growth of 3% and our EPS sequence 2025/26 (-2% on average) is revised slightly downwards following the update of exchange rate effects and in particular the fall of the dollar against the euro, the broker concludes.


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