UBS announced on Monday that it had lowered its recommendation on JCDecaux shares from 'buy' to 'neutral', due in particular to concerns about business in China.

In a study devoted to the European media sector, the Swiss bank justifies its decision with the disappointing economic indicators recently published in China and Europe.

In view of this deteriorated outlook, the Swiss bank explains that it perceives a 'more balanced' risk/reward profile for the world's number one outdoor advertising company.

UBS cites in particular heightened uncertainty over both the timing and extent of the company's earnings recovery.

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