Stagwell initiated with a Buy at Craig-Hallum

Craig-Hallum initiated coverage of Stagwell with a Buy rating and $8 price target. The firm believes shares have been oversold on macro concerns over the past month, creating an attractive entry point despite the volatile 2H, the analyst tells investors in a research note. Stagwell is positioned for meaningful upside in 2024 as tailwinds materialize and shares rerate higher to peer multiples, the firm contends.