Macquarie analyst Tim Nollen raised the firm’s price target on Publicis to EUR 110 from EUR 104 and keeps an Outperform rating on the shares. The firm said that Magna Global raised its U.S. ad forecasts last week by 80 basis points to 9.2% growth, including major sports and political ads this year, or 6.7% growth excluding these. A recent Mediaocean survey similarly echoes Magn’as outlook on digital ad spending, seeing 69% of marketers planning to boost social media spending in 2024, the analyst tells investors in a research note.
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