"Really?" says JPMorgan after Publicis falls 6% despite guidance upgrade

** J.P.Morgan reiterates its 'overweight' rating on French ad giant Publicis PUB and pushes its PT to 133 euros ($154.11) from 130 euros, despite the stock falling 6% to 84 euros today

** The company raised its forecast amid better-than-expected H1 results today

** "We are convinced that Publicis can continue to outperform for many years," broker says

** It points out that while peers are starting to transition to new technologies, Publicis is already there and can focus on executing its strategy

** "It is not immediately obvious how peers can close the data deficit, which has been the key Publicis’s outperformance," broker says

** JPM believes the stock should be valued at more than 15 times its EPS based on its 5-year performance

** "Some have expressed concern that this is as good as it gets and growth will slow next year. No, not really…", JPM says

($1 = 0.8630 euros)