UPDATE: Wedbush Raises Target on Omnicom to $50

Wedbush raises its price target on Neutral-rated Omnicom (NYSE: OMC) to $50 from $48 on raised estimates ahead of the company's quarterly release on Tuesday.

Wedbush notes, "We raise our 4Q estimates for OMC to $0.95 (+16% y/y) from $0.93 (+12% y/y), on a higher organic revenue growth forecast of 4.3%, up from 4.1%, higher operating estimate of 12.9% (+70 bps y/y), up from 12.7%, and higher EBITA margin estimate of 13.6% (+80bps y/y). Our 4Q estimates are in line with the Street's on EPS and key operating metric estimates."

OMC closed at $47.38 a share on Friday.