Barclays has reaffirmed its 'overweight' recommendation on Publicis Groupe, with a price target raised from 107 to 115 euros, considering the French company to be the quality dossier among communications agencies, the day after its trading update.

Publicis' performance has been rock-solid, which in our view justifies the fact that its price/earnings ratio has almost doubled over the past four years", the broker judges in the summary of its research note.

Barclays points to organic growth in the first quarter that was 80 basis points better at 5.3%, reassuring forecasts of 4-5% for the second quarter, and management that seems very confident in its target range of 4-5% for 2024.

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