Wells Fargo analyst Steven Cahall upgraded Interpublic Group (IPG) to Equal Weight from Underweight with a price target of $34, up from $26. The merger with Omnicom (OMC) is an optimal outcome for Interpublic shareholders as strategic repositioning had execution risk, the analyst tells investors in a research note. Wells Fargo adds that it does not expect a counter-bid for Interpublic, with the conference call suggesting that the deal has been in the works for some time.
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