BUZZ-JPM starts Havas with 'neutral', sees better alternatives elsewhere
J.P.Morgan starts advertising group HAVAS.AS, which recently spun off from Vivendi VIV.PA, with "neutral" and a PT of 1.9 euro
Broker says the group "looks cheap" trading on 6.5 times its 2026 earnings, but has a weaker geographic and business mix, growth and margins compared to peers
JPM notes Havas may need to invest in M&A or technology to boost growth
"Its focus on Healthcare and Creative sectors, along with governance concerns due to Bollore Group's control, adds uncertainty," it says
While the depressed sector could re-rate, JPM says it could be better played through WPP WPP.L, as it has the financial capacity to recover from a poor performance, IPG IPG.N and Omnicom OMC.N post-merger, and Publicis PUBP.PA as an industry leader
Havas has been trading below its reference price of 1.79 euros post since its debut in December
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