The analyst presents his outlook for the first half of the year. It confirms its 'buy' recommendation on the stock, with a price target of E111, representing a potential upside of 7%.

'We expect Publicis to achieve organic growth of +5.0% in the second quarter (vs. +4.6%) and a stable operating margin in the first half at 17.3% (in line with forecasts for the year)' says UBS in today's study.

' Management expects the top end of the +4-5% range for fiscal 2024 to be achieved (UBSe estimate of +5%) assuming an acceleration in digital transformation and fewer cuts in traditional advertising' says the analyst firm.

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