Wells Fargo analyst Steven Cahall lowered the firm’s price target on Omnicom (OMC) to $99 from $110 and keeps an Equal Weight rating on the shares. The firm revises its Omnicom price target following the Interpublic Group (IPG) merger announcement. Its target is 10.5-times pro-forma EPS as investors wait through the deal approval and integration. Merged company top-line acceleration could potentially drive a future rerating, Wells adds.
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