BofA cut the firm’s price objectives by 2%-13% across the agency peer group citing recent interactions with management teams, negative read-through from peers exposed to marketing spending, and deteriorating leading indicators. The firm’s below-consensus forecasts on Omnicom (OMC) and WPP (WPP) prompt the firm to remain at Underperform on both. Buy-rated Interpublic (IPG), on which the firm lowered its price target to $38, “could disappoint again at 3Q23 results,” but 2024 looks “favourable,” the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on IPG:
- Interpublic Group to Present at the BofA Securities Media, Communications & Entertainment Conference
- Interpublic Group to Present at the Goldman Sachs Communacopia + Technology Conference
- Interpublic Group announces appointment of Benitez as an independent director
- Jorge Benitez Joins Interpublic Board of Directors
- Elliott could be activist in Interpublic, Dealreporter says