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To: Techplayer who wrote (41338)	6/4/2003 7:22:00 AM
From: Techplayer	Respond to of 57110

This comment about the supposed recovery in advertising is confusing to me: 5:19am 06/04/03 Havas sees Morgan Stanley downgrade (FR:012188, HAVS, WPPGY, PUB) By Steve Goldstein Advertising group Havas (HAVS) (FR:012188) saw a downgrade to equal weight from Morgan Stanley on valuation grounds. "While we still see upside potential from greater disclosure and improved cash flows, there is no evidence to suggest our numbers are too low," the broker said. Morgan Stanley, which also raised price targets on rivals WPP (WPPGY) and Publicis (PUB) , said the recovery in advertising spending is not feeding through to revenues, so cost savings are the key to margin upgrades. Havas shares were down 0.5 percent in Paris.