Barclays has raised its recommendation on JCDecaux from 'weighted in line' to 'overweight', with a price target raised from 16 to 27.5 euros, the day after the outdoor advertising group announced its 2022 sales figures.

Although the broker admits to being "late to the stock's turnaround (up 83% from its September 29 low)", he believes there is still plenty of upside potential, and has posted above-consensus EBITDA and EPS forecasts for 2023.

JCDecaux could face a macroeconomic slowdown in Europe and the United States, but favorable winds from China and Covid-related airports mean it should still grow well in 2023', it believes.

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