Publicis beats market expectations

Publicis, the advertising and public relations company, reported that 3Q net revenue slid 9.1% on year (-5.6% organic growth) to 2.34 billion euros.

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Publicis, the advertising and public relations company, reported that 3Q net revenue slid 9.1% on year (-5.6% organic growth) to 2.34 billion euros while 9-month net revenue was up 2.7% (-7.2% organic growth) to 7.12 billion euros. This performance is slightly above expectations. The company added: "With the current resurgence of the pandemic and the restrictions imposed, the Groupe remains cautious about Q4, which might be impacted further and come below Q3."

From a chartist point of view, the stock price escaped from a downward-sloping channel in place since June 2020. In addition, the daily Relative Strength index confirmed the breakout of its declining trend line, calling for a further recover. Readers may want to consider the potential for Long positions above 25.6E with targets at 32.97E and 36.3E. Only a break below 25.6E would invalidate the bullish view and would call for a reversal down trend.

Source: GAIN Capital, TradingView


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