JCDecaux Shares Hit a Five-Year High of €27.44 After Its Results
The street furniture and outdoor advertising specialist has entered a price zone it had not reached in more than four years. Two brokerage firms raised their price targets following the third-quarter results, published yesterday.
A Five-Year High, After a Better-Than-Expected Quarter
The stock touched €27.44 intraday, its highest level in five years, compared with a previous record of €26.06 set in 2021. At €26.54, the current price is trading below this intraday high but is up 4.9% on the session, placing JCDecaux among the strongest gainers in the SBF 120.
The move extends an already positive week, with a 9.6% gain over seven days, and breaks above the highs of the last 30, 150 and 250 sessions, all located at €25.86. This level now becomes support, while the €27 mark is the next round-number reference above the current price.
The third-quarter revenue, published on November 4, reached €1,010.5 million, up 6.6% on an organic basis, a faster pace than the 5.7% recorded in the two previous quarters. Digital revenue rose 15.3% and accounts for 45.4% of sales. The group is targeting organic growth of around 6% in the fourth quarter.
Bernstein and Barclays Raise Their Price Targets on the Stock
On the same day, two brokerage firms revised their targets upward. Barclays raised its target from €27 to €31.50 and maintained its overweight rating, representing about 19% potential compared with the price of the day.
Bernstein increased its target from €20.90 to €22.40 with an unchanged market-perform rating, a target about 16% below the current price. The two revisions therefore do not concern the same valuation level. They come in a Paris market that is slightly higher, with the SBF 120 up 0.5%, while the stock is 6.2% above its 20-day moving average, at €24.99.
The gap with the 200-day moving average (€20.81) reaches 27.5%, and the stock has gained more than 70% over one year.
