Publicis upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Lisa Yang upgraded Publicis to Buy from Neutral with a price target of EUR 106.10, up from EUR 89.30. The firm believes the company’s superior execution, leading financial performance and capital redeployment optionality warrant a re-rating. Furthermore, Goldman sees significant balance sheet optionality, with net debt/EBITDA of only 0.1-times in 2023, and its forecast of EUR 11B of cumulative free cash flow to be generated over the next five years, of which EUR 4.6B could be excess cash.