JPM cuts Havas to 'neutral', preferring rival Publicis' stronger growth

Publicis Groupe

27/07/2026 07:58

** J.P. Morgan downgrades French advertising company Havas HAVAS.AS to "neutral" from "overweight", saying that Publicis PUBP.PA offers double the organic growth
** It says Havas' estimated trend of 2-3% organic revenue growth and mid-single-digit percent EBITA growth only offers a "modest upside"
** Havas' strong stock performance reflects the fact that entities related to the Bollore family have increased their stake in the company from 33% to 53%, JPM says; the shares are up 9% YTD
** "Bollore could target a stake of 60% which would give it control and a significant economic interest but would leave Havas with some liquidity and access to equity capital markets to support its growth strategy," JPM says
** But it adds that while Bollore buying more shares could give near-term support, Havas should trade at a discount to reflect the family's 53% controlling stake
** Out of nine analysts that cover Havas, six rate it "strong buy" or "buy" and ​three "hold" - LSEG data

(Reporting by Margaux Perrin in Gdansk)
((Margaux.Perrin@thomsonreuters.com ))