Interpublic Group downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Interpublic Group to Underweight from Equal Weight with a price target of $28, down from $34. The analyst estimates recent account losses and continued pressure from IPG‘s digital specialty agencies creates risk to 2025 consensus expectations. It also suggests 2025 could be the fourth straight year of flat to low-single-digit adjusted EBITA growth, limiting potential multiple expansion, the analyst tells investors in a research note.