Macquarie raised the firm’s price target on Omnicom to $120 from $110 and keeps an Outperform rating on the shares. Omnicom’s Q3 organic revenue growth of 6.5% beat the consensus 5.1% estimate, notes the analyst, who says internal and external organizational moves – from the Flywheel acquisition to integrations of its media and now creative agencies – are “working.” The firm trimmed its FY24 adjusted EPS forecast by 11c to $8.05 and brought its FY25 EPS view down 12c to $8.66, but is shifting its target year to 2025.
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