Wells upgrades Omnicom to Overweight into close of Interpublic deal

Wells Fargo analyst Steven Cahall upgraded Omnicom (OMC) to Overweight from Equal Weight with a price target of $91, up from $78. The stock’s upside potential versus downside risk is “compelling” near the close of the Interpublic Group (IPG) merger, the analyst tells investors in a research note. The firm says disintermediation concerns have surrounded the advertising agencies for more than a decade, with artificial intelligence being the latest form. However, its analysis indicates that media advertising is experiencing secular strength due to cost and complexity.