Oddo BHF has reduced its target price for Ipsos from €62 to €50, a new target that still leaves sufficient upside potential to remain positive on the stock; it therefore maintains its "outperform" rating.

The broker notes that Ipsos' board of directors announced last week its decision to change its CEO, a decision that came after several disappointments in organic revenue growth.

This change in CEO shows how rapidly customer demand is changing, forcing Ipsos to accelerate its digital transformation and justifying an increase in our discount rate in our DCF model, the analyst says.

Oddo BHF has also reduced its pro-forma EPS estimates by 3%-4% (including the acquisition of The BVA Family in its model), notably to reflect onging difficult market conditions.