Investors were advised on Friday to “reduce” their stockholdings in Havas Advertising, the Paris-headquartered global agency group.
In a research note to its clientele, European investment bank ABN Amro warned: “We believe that Havas is facing difficulties on many fronts”.
Elucidated the bank: “The advertising recession is hitting hard, acquisitions seem to be underperforming, key client sectors are halting advertising campaigns and the recent events in the US have exacerbated the situation.”
The guidance added to market uncertainty about advertising agency shares in general and on the Paris bourse Havas shares fell 11.38% Friday from E7.39 to E6.5.
News source: CampaignLive (UK); Financial Times