BofA downgraded Omnicom (OMC) to Underperform from Neutral with a price target of $77, down from $87. While the near-term merits of the Interpublic Group (IPG) seem clear, the market is underestimating the downside risks on organic growth, EPS dilution from disposals, and the necessity to reinvest behind the legacy Interpublic assets, the analyst tells investors in a research note.
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