Berenberg Ups Publicis Groupe Estimates, Price Target After 'Solid' H1 Results

05:59 AM EDT, 07/20/2026 (MT Newswires) -- Berenberg raised its Publicis Groupe (PUB.PA) estimates and price target in a Monday research report, following the company's "solid" results for the first half and its improved full-year outlook. The French advertising and communications group reported a first-half net revenue of 7.23 billion euros, reflecting 4.7% organic growth. Noting a sustained "strong momentum" in the second half, Publicis raised its full-year net revenue organic growth guidance to between 4.5% and 5%, from the previous 4% to 5% forecast. "Publicis's H1 results, released on 16 July, sat in clear contrast to the idea that AI will structurally weaken the large, scaled agency groups. The share price reaction was supportive, but the more important point, in our view, is strategic: this is another sign that the disintermediation thesis looks overstated, and that scaled agencies with data, identity and execution capabilities remain well placed to capture value," the research firm said. As such, analysts raised their sales, EBIT and EPS projections for 2026 to 2028. The stock's buy rating was maintained, with the price target up to 119 euros from 118 euros.