Macquarie makes ‘easy call,’ upgrades Omnicom to Outperform

Macquarie upgraded Omnicom (OMC) to Outperform from Neutral with a price target of $100, up from $80. The stock lagged the S&P 500 by 18% in 2023 and tracked peer Interpublic Group (IPG) closely even though its numbers and net new business win record were far better, making the upgrade an “easy call,” the analyst tells investors. With many years of divesting underperforming assets behind it, its net new business win record last year being “strong,” and the closing of the Flywheel e-commerce marketing acquisition placing Omnicom at the center of a fast-growing industry, the firm thinks Omnicom has the better setup for 2024 than it sees for Interpublic, the analyst added.