Trump, US exposure to sustain Publicis' sector outperformance, Midcap says
** Midcap Partners expectsad agency Publicis PUBP.PA to continue outperformingpeers in 2025, witha positive catalyst for consumer sentiment in the U.S. fromDonald Trump's election as president.
** Though the new president's economic policy is inflationary, implyinghigher tariffs, immigration policies, and tax cuts, the broker expects U.S. household consumption to grow by about 2% in 2025
** This would benefit Publicis as it's highly sensitive to household consumption, it adds
** The broker notes that the group's overexposure to North America, where it generates60% of its revenue, has enabled its overperformance
** "The environment will inevitably become more challenging in 2025", but the North American exposure should allow Publicis to replicate global growth in 2025, broker says
** "Publicis remains a sector outperformer, with its positioning across the entire value chain and a strong financial position that enables it to maintain its technological edge", Thirion adds
Reporting by Leo Marchandon and Gianluca Lo Nostro
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