Interpublic Group price target lowered to $35 from $38 at BofA

BofA analyst Adrien de Saint Hilaire lowered the firm’s price target on Interpublic Group to $35 from $38 on Friday, while keeping a Buy rating on the shares. The firm notes Interpublic reported another “disappointing” set of results with a fourth consecutive miss to organic sales growth. That said, BofA doesn’t think Interpublic is broken as shown by a recent strong run large account wins. With shares trading on 10-times 2023 price-to-earnings and 4.5% dividend yield, at a larger than usual discount to the market, this is a particularly favorable entry point into the turnaround story, in the firm’s view.