Price Target Downgrade: Ipsos: Moving beyond the AI threat

研报英文原文证据摘录

Price Target Downgrade: Ipsos: Moving beyond the AI threat

29 July 2026

Price Target Downgrade

Marie Line Fort

+33 1 42 13 85 21

European Media marie-line.fort@bernsteinsg.com

Ipsos

Rating

Outperform

Price Target

IPS.FP 63.00 EUR (73.00 OLD)

Ipsos: Moving beyond the AI threat

MIDCAPS In this report, we revisit the key challenges facing Ipsos in an evolving market research industry Close Date 29 Jul 2026

and assess how the group’s ‘Horizons’ plan intends to address them.

IPS.FP Close Price (EUR) 42.66

The market warms to the stock again post 2Q. The share price gained 8% on the day of Price Target (EUR) 63.00

the 1H release, reflecting the return to 3% organic growth in 2Q26 vs -1.4% in 1Q26. The Upside/(Downside) 48%

group targets 2% organic growth in 2026, a year that remains affected by clients’ wait-and- 52-Week Range 42.98/29.10

see attitude, which has been even more pronounced since the Iran conflict started. EDME 1,606.72

FYE Dec

Promising mid-term plan still to materialize in the figures. The group unveiled its Horizons Div Yield 4.7%

plan in January 2026, with ambitious targets for growth (3-4% OSG for 2026-28 and 5% Market Cap (EUR) (M) 1,843

+ from 2029 on) and the margin (EBIT margin >14% in 2029-30 vs c.12% in 2025). The EV (EUR) (M) 2,193

plan’s main objective of the plan is to scale up Ipsos’ offerings and technology without relying Performance YTD 1M 6M 12M

on additional capex. Ipsos has also appointed several senior executives to improve speed, Absolute (%) 24.5 19.8 20.3 5.7

develop platforms and adjacent offerings, and enhance commercial effectiveness. All these EDME (%) 9.1 1.3 6.5 17.8

development levers should start feeding through to commercial momentum from the year-end. Relative (%) 15.5 18.5 13.8 (12.1)