Omnicom price target raised to $110 from $100 at Macquarie

Macquarie raised the firm’s price target on Omnicom to $110 from $100 and keeps an Outperform rating on the shares. The firm said that Magna Global raised its U.S. ad forecasts last week by 80 basis points to 9.2% growth, including major sports and political ads this year, or 6.7% growth excluding these. A recent Mediaocean survey similarly echoes Magna’s outlook on digital ad spending, seeing 69% of marketers planning to boost social media spending in 2024, the analyst tells investors in a research note.