Omnicom price target lowered to $84 from $99 at Wells Fargo

Wells Fargo lowered the firm’s price target on Omnicom (OMC) to $84 from $99 and keeps an Equal Weight rating on the shares. Omnicom provisioned for uncertainty by expanding the range of organic growth with a lower implied midpoint, the firm says. Wells thinks clients are still figuring out how the dust will settle. Agency multiples are likely to be near trough until visibility improves, the firm adds.