UBS maintains its "buy" recommendation on the stock and raises its target price to €111 (from €105), which now represents 20% upside potential for the French communications group.

We are raising our organic growth forecasts for fiscal years 2025 and 2026 to 4.8% and 5.0%, respectively, given recent portfolio gains, UBS said.

Publicis has confirmed its 2025 forecasts, namely organic growth of between 4% and 5%, a slight improvement in the operating margin compared with the 18% level in 2024, and free cash flow generation of between €1.9bn and €2bn.


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