Omnicom price target lowered to $100 from $103 at JPMorgan

JPMorgan analyst David Karnovsky lowered the firm’s price target on Omnicom to $100 from $103 and keeps an Overweight rating on the shares ahead of the Q3 report. Recent data points continue to suggest caution from technology clients, which has been a drag for the advertising agencies, though overall ad market spend appears resilient, the analyst tells investors in a research note. The firm says the net result could mean a quarter similar to Q2, with managements flagging strength in media partly offset by challenging conditions for discretionary areas like business transformation or specialty project work.