12:10 PM EST, 02/26/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our 3-STARS (Hold) rating but lower our 12-month target price to USD20 (USD23), based on 2026 P/E of 6.2x. The multiple reflects a 1.5x discount to the 10-year historical mean, incorporating weaker near-term revenue visibility and structural AI-related pricing risk. We apply a modest premium to the parent multiple to reflect structural valuation differences in the ADS listing, including broader U.S. investor access and trading volumes. We raise our 2026 revenue forecast by 5.6% to GBP13.7B (GBP13B), aligned with updated management guidance for weaker first-half trends followed by improvement in the second half of 2026. We forecast 2027 revenue of GBP13.9B, up 1.5% Y/Y, assuming gradual stabilization in advertising demand and improved new business momentum. We also forecast 2026 EPS of GBP0.64 and 2027 EPS of GBP0.65, reflecting modest margin assumptions. We remain cautious on AI-driven competitive intensity, which could pressure pricing power and reduce long-term margins.