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Publicis shares slump after advertising firm cuts outlook

Reuters - UK Focus
Updated

PARIS, Oct 11 (Reuters) - Shares in Publicis slumped on Friday after the world's third-biggest advertising company cut its full-year sales target again.

Publicis was down 13% in early session trading, which also dragged down rival WPP.

Investment banks Macquarie and SocGen both cut their recommendations on Publicis, with SocGen cutting Publicis to "hold" from "buy".

Late on Thursday, Publicis, which competes against bigger rivals WPP and Omnicom, said it now expected sales to fall by about 2.5% on an underlying basis, compared to a previous outlook of "broadly stable net revenue". (Reporting by Sudip Kar-Gupta; editing by Jason Neely)