Stagwell downgraded to Hold from Buy at Benchmark

Benchmark downgraded Stagwell (STGW) to Hold from Buy and removed the firm’s prior $9.50 price target Removal of quarterly organic net revenue growth disclosure and a move to annual is limiting the firm’s ability to track progression to guided 8% net revenue growth this year and may suggest more reliance on M&A to achieve this target, the analyst tells investors. The firm also cites “inconsistent” free cash flow growth in a weakening macro environment and limited next twelve month visibility and share catalysts.