Omnicom initiated with a Buy at UBS

UBS initiated coverage of Omnicom with a Buy rating and $117 price target. The firm is positive on the advertising agency sector, given the 3% organic growth it sees in the medium term. Omnicom has outperformed the sector on organic growth in almost every year since 2009, and should continue to do so in 2023 and 2024, the analyst tells investors in a research note.