UBS reaffirms its 'buy' recommendation on Publicis, while raising its target price from €68 to €71, a new target that holds a 16% upside potential for the French communications group's shares.

Despite macroeconomic headwinds, Publicis is our preferred cyclical stock for 2023", says the broker in the summary of its note, adding that the Sapient, Epsilon, performance and retail media activities "provide levers for growth".

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