UPDATE: Jefferies Raises Omnicom's PT
According to a research report published today, Jefferies has increased Omnicom Group's (NYSE: OMC) PT from $41 to $45.
In the report, Jefferies commented, “We update our model to reflect FY'11 actuals and new guidance for 2012. We leave our forecasts largely unchanged with only a slight increase in sales and EBITA resulting from increased acquisition contribution. As previously, we expect management to hit guidance of ‘returning to 2007 margins by the end of 2012'. Given the sector rerating, we increase our price target from $41 to $45, we reiterate our Hold as we see Omnicom better positioned to navigate a potential downturn given previous track record in 2009 and better operating expense flexibility.”
Jefferies maintains its Hold rating on Omnicom, which closed yesterday at $47.70.
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