PUBLICIS : Morgan Stanley resumes coverage with an 'overweight' recommendation
"Publicis is ahead of the other major advertising agencies in the race for differentiation, and we believe it should maintain its advantage in the long term," the broker points out in a study devoted to the media sector.
The acquisitions of Sapient and Epsilon have consolidated Publicis' product offering and diversified its revenue sources outside the traditional advertising segment," it adds.
Morgan Stanley points out that Publicis is known for its focus on target integration and operational efficiency, an approach that enables it to generate above-average profit margins.
Against this backdrop, the broker says it expects the French group to continue to outperform its peers.
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