Publicis Groupe share rebounds on its 50-day moving average despite two Citi upgrades
The communications group declines in mid-morning trading, as the CAC 40 loses more than 1%. Two target price increases from the same bank came within two days, and the stock remains well above its long-term benchmarks.
Citi raises its target to €115 and upgrades to buy on the communications group
The Publicis Groupe share fell 1.41% to €99.38 during the session, while the CAC 40 declined 1.46% and the SBF 120 fell 1.42%. The stock ranks mid-table in the index. It has returned to its 50-day moving average at €99.08, after gaining 2% over the month. It remains 15% above its 200-day moving average at €86.31, which underscores the scale of the progress made since the beginning of the year.
On the analyst consensus front, Citi published an initial note on October 21st, with an upgrade to buy and a target raised from €105 to €115. On October 22nd, the bank once again raised its target from €105 to €115. The €115 target leaves potential of approximately 15.7% compared to the day's price.
Short positions decline to 3.09% of capital and the group continues its LiveRamp buyback
Four funds hold 3.09% of capital sold short, according to filings reviewed, compared with 4.16% thirty days ago. This decline of approximately one percentage point reflects an easing of the bearish bet, though it is not possible to infer the intentions of the participants from this. On the operations front, the group indicated on October 19th that it had obtained FTC approval for the LiveRamp acquisition, with five commitments as part of the agreement.
It maintains its objective of closing before year-end. Trading is also taking place in a Paris market weighed down by tension over French government debt, with the 10-year OAT at 4.99% according to the Banque de France reading of October 21st.
