As previously reported, MoffettNathanson analyst Michael Nathanson downgraded Interpublic Group to Market Perform from Outperform with a price target of $37, up from $36, following "another set of surprisingly resilient results" from an ad agency. While the firm still expresses trepidation about where the overall ad market will head in 2023, it still views Interpublic as a "well-oiled machine" whose best-in-class data abilities, healthcare exposure, and variable cost structure "make this a relatively safe place to park one’s money." However, the firm also contends that "this well-oiled machine is also well-valued."
Published first on TheFly
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