Needham analyst Laura Martin raised the firm’s price target on Stagwell to $10 from $8 and keeps a Buy rating on the shares. The analyst cites reduced risks of third parties selling shares, which used to limit the company’s share price appreciation, even when Stagwell over-delivered estimates. The firm is also rolling forward its price target model to reflect expectations for FY24, noting that the upcoming election year adds up to 10% to the company’s total revenue thanks to its advocacy business segment.
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