BofA upgraded Omnicom (OMC) to Neutral from Underperform with an unchanged price target of $80. The firm shares investor concerns around the pending Interpublic Group (IPG) merger and related integration risks. However, BofA’s recent trip to the Cannes Lions and meeting with various industry stakeholders provide “enough confidence on both structural trends and cyclical dynamics” to upgrade the shares to Neutral, the analyst tells investors in a research note. The firm believes the shares, after underperforming the market by 30% since early December, offer a much more balanced risk/reward.
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