Oddo BHF has raised its opinion on JCDecaux from 'neutral' to 'outperform', with a target price of €21, representing around 45% upside potential for the outdoor advertising group's share price based on its current level.

The broker points out that the stock has fallen 8% since the Q1 results (which were not considered surprising), a dip that "brings the valuation to its historic low despite unprecedented visibility on FCF."

Oddo BHF specifies that its target price is based on a scenario of no recovery in China, and that the announcement of a recovery plan or a rebound in consumption would be a catalyst for an upgrade of its expectations and valuation.


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