Omnicom price target raised to $90 from $80 at BofA

BofA raised the firm’s price target on Omnicom (OMC) to $90 from $80 and keeps a Neutral rating on the shares. While the firm notes that its core forecasts remain largely unchanged, it now believes pro-forma non-GAAP EPS of about $10 is achievable for the combination of Omnicom and Interpublic Group (IPG), up from its previous roughly $9.50 estimate, citing management’s comments on synergy sizing and timing.