Wells upgrades Omnicom to Overweight on organic growth upside

Wells Fargo upgraded Omnicom to Overweight from Equal Weight with a price target of $106, up from $91. The analyst sees upside to the company’s organic growth from new business, media trends and “Flywheel.” Wells says Omnicom is on a trend of stable-to-improving organic growth with acceleration from Flywheel and Precision Marketing. The firm expects upside to estimates and also thinks Omnicom shares can rerate.