Breaking News

Morgan Stanley analyst Omar Sheikh raised the firm's price target on Publicis to EUR 65 from EUR 53 and keeps an Underweight rating on the shares.

After Reuters reported that Criteo (CRTO) has hired an advisor to field takeover interest, Stifel analyst Mark Kelley said that "M&A speculation has surrounded the company fairly consistently." With the retargeting business "on relatively stable ground" and the retail media business "doing quite well," the firm thinks there is likely to be some interest in Criteo, pointing to Publicis (PUBGY) having acquired CitrusAd in 2021 and Microsoft (MSFT) acquiring PromoteIQ in 2019 to support this view given that both are direct competitors to Criteo's RM business. Average market multiples for public ad tech companies, excluding Trade Desk (TTD) and DoubleVerify (DV), which trade at significant premiums, are roughly 9 times next-twelve-months EBITDA, which would equate to about $45 per Criteo share, a 33% premium to the current price or about a 40% premium to where the stock was trading before the news hit, according to the firm. Stifel has a Buy rating and $46 price target on Criteo shares, which are up $2.60, or 8%, to $33.72 in afternoon trading.

Morgan Stanley analyst Benjamin Swinburne raised the firm's price target on Omnicom (OMC) to $85 from $75 and keeps an Underweight rating on the shares. Q4 earnings season to-date, and Publicis' (PUBGY) guidance, has suggested the global ad market is weak, but not necessarily deteriorating further, pointing to a more shallow trough in growth in 2023, said the firm. Expectations for Interpublic Group (IPG) and Omnicom, both of which are reporting this week, have likely moved higher based on Publicis' commentary and the broader earnings season to date, according to the firm, which raised it target to reflect more mid-cycle multiples.

Morgan Stanley analyst Benjamin Swinburne raised the firm's price target on Interpublic Group (IPG) to $40 from $35 and keeps an Equal Weight rating on the shares. Q4 earnings season to-date, and Publicis' (PUBGY) guidance, has suggested the global ad market is weak, but not necessarily deteriorating further, pointing to a more shallow trough in growth in 2023, said the firm. Expectations for Interpublic and Omnicom (OMC), both of which are reporting this week, have likely moved higher based on Publicis' commentary and the broader earnings season to date, according to the firm, which raised it target to reflect more mid-cycle multiples.

JPMorgan analyst Daniel Kerven raised the firm's price target on Publicis to EUR 85 from EUR 82 and keeps an Overweight rating on the shares.

Barclays analyst Julien Roch raised the firm's price target on Publicis to EUR 68 from EUR 62.50 and keeps an Equal Weight rating on the shares.

UBS analyst Richard Eary raised the firm's price target on Publicis to EUR 71 from EUR 68 and keeps a Buy rating on the shares.