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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on OMC:
- Omnicom partnering with Amazon, Meta, Digiday reports
- Omnicom drops 3% after Bloomberg report on pharma ad crackdown
- CMA opens investigation into Omnicom, Interpublic deal
- FTC considering restrictions on Omnicom, Interpublic deal, NY Times reports
- Elon Musk’s X Threatens Advertisers With Lawsuits to Win Back Ad Dollars