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Investing.com - Kepler Cheuvreux upgraded Havas NV (EPA:HAVAS) from Hold to Buy and raised its price target to EUR1.75 from EUR1.60, citing reduced risks in the pharmaceutical sector.
The research firm noted that Havas’s previous overexposure to U.S. Healthcare, which represents about 30% of the company’s client base, had warranted lower multiples due to policy threats on tariffs, pricing, and taxes.
Kepler Cheuvreux pointed to the recent 15% rise in pharmaceutical stocks over the past month following Trump’s announcements on tariffs as evidence that these threats have diminished and can be managed, potentially through establishing new U.S. production plants.
The firm also highlighted Havas’s recent operational developments, including a joint venture with U.S. independent media-buyer Horizon and capital structure changes such as a planned one-for-ten reverse share split effective November 18.
Kepler Cheuvreux mentioned that Havas’s EUR50 million share buyback program continues at approximately EUR4-5 million per month until next year’s annual general meeting, with potential for extension beyond that date.
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