Omnicom price target raised to $124 from $120 at UBS

UBS analyst Adam Berlin raised the firm’s price target on Omnicom to $124 from $120 and keeps a Buy rating on the shares. Omnicom reported a strong set of results for Q3, but the firm expects investors to be disappointed that guidance implies a deceleration in Q4, and by the lack of operating leverage, the analyst says. UBS says the guidance does appear slightly cautious, and believes Q4 organic growth of more than 5% is still plausible, though it depends on project-based work coming through in the quarter. The firm expects Omnicom to guide 2025 organic growth above current consensus.