BUZZ-Publicis: Seen down on weak Q2, outlook cut

** Shares in world's third-biggest advertising group Publicis seen down 3-5%

** Publicis cuts FY revenue growth guidance after a weaker-than-expected Q2 performance as it struggles to revive sluggish sales in the U.S.

** Liberum says results are "another disappointment" as it's not the first time the company misses guidance; downgrades stock to "hold" from "buy"

** "It is clear that management do not have a full grasp on what is happening and that makes us cautious about recommending clients to Buy," Liberum says

** "Some (consumer-packaged goods) clients are still reducing spending and attrition will remain a problem going into the 2H 2019," Credit Suisse adds

** Publicis posts Q2 organic growth of 0.1%, missing market expectations of 0.7% and well below its larger peer Omnicom's Q2 growth of 2.8%

(piotr.lipinski@tr.com)