Berenberg sees advertising sector evolve in the age of AI

Publicis Groupe SA

09/06/2026 09:08

** Berenberg initiates coverage of European advertising sector as it sees it "adapting rather than fading away" in the age of AI 
** The broker starts Publicis PUBP.PA, WPP WPP.L  and Havas HAVAS.AS  all with 'Buy' ratings 
** "Agencies appear increasingly well positioned to help advertisers navigate a fast-evolving ecosystem and maximise ROI," says the broker
** The broker says agencies have remained relevant in the age of AI by helping navigate the complex advertisement ecosystems and delivering AI capabilities 
** The broker ranks Publicis the strongest, citing their "Power of One" initiative and acquisitions of Sapient and Epsilon is driving growth and profitability 
** The broker says WPP has the "right assets", and the challenge is the execution of its "Elevate28" plan, a client-centric model 
** Havas is "well positioned to deliver a steady growth profile and gradual margin expansion, supporting high-single-digit earnings growth over 2026-28, with additional upside potential from M&A," the broker adds 

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