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BUZZ-Publicis: Falls on Credit Suisse downgrade

Reuters - UK Focus

** Publicis (Paris: FR0000130577 - news) falls 1.8 pct after Credit Suisse (NYSE: CS - news) cuts to "neutral" from "outperform"

** Broker concerned about number of account reviews (i.e. clients looking to move advertising accounts away) underway in the sector, with Publicis more exposed than peer WPP (LSE: WPP.L - news)

** Prefers WPP for number of additional reasons: lingering concerns over staff and client risk from failed Publicis/Omnicom merger; Publicis trades at a small premium to WPP (16x fwd P/E v 15.7x); better upside in WPP's margin targets

** Publicis among top ten most traded on Stoxx 600 by average 30-day volumes

(RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)