Omnicom price target raised to $85 from $75 at Morgan Stanley

Morgan Stanley analyst Benjamin Swinburne raised the firm’s price target on Omnicom (OMC) to $85 from $75 and keeps an Underweight rating on the shares. Q4 earnings season to-date, and Publicis’ (PUBGY) guidance, has suggested the global ad market is weak, but not necessarily deteriorating further, pointing to a more shallow trough in growth in 2023, said the firm. Expectations for Interpublic Group (IPG) and Omnicom, both of which are reporting this week, have likely moved higher based on Publicis’ commentary and the broader earnings season to date, according to the firm, which raised it target to reflect more mid-cycle multiples.