• by Joe Mandese  @mp_joemandese, January 9, 2008

Shares of Paris-based Havas, the parent of MPG, Havas Media and agencies such as Euro RSCG, reached a recent low in this morning's trading following a downgrade by Deutsche Bank, reports Bloomberg.

According to the report, Deutsche Bank analysts estimate that Havas' shares have been trading at a price that is "30% more expensive" that comparable ad agency holding companies, and the equities firm downgraded its recommendation for Havas' stock to "sell" from "hold."

The downgrade follows a shareholders meeting Tuesday at which Chairman Vincent Bollore projected final 2007 growth to come in at the "high end" of a 5% to 6% range.. Havas previously reported a 9.3% rise in underlying revenue for the third quarter, driven by record new business gains.