JPMorgan downgraded Interpublic Group (IPG) to Neutral from Overweight with a price target of $33, down from $36. The firm remains broadly positive on the advertising agency sector, but moved to a Neutral rating on IPG given limited upside to its December 25 price target following forecast changes. The analyst lowered 2025 organic and margin estimates to reflect recent account losses including Amazon media. JPMorgan maintains a preference for Overweigh-rated Omnicom (OMC) citing its higher forecast organic and earnings growth and better new business track record.
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