Omnicom price target lowered to $78 from $84 at Wells Fargo

Wells Fargo lowered the firm’s price target on Omnicom (OMC) to $78 from $84 and keeps an Equal Weight rating on the shares. The firm says that a softer macro modestly drags its second half of the year estimates, and it’s against an industry narrative that’s already worried on AI. Omnicom is inexpensive, but lower estimates plus lack of catalysts takes Wells’ target lower. Post-deal, it’ll be worth a fresh look, the firm adds.