UPDATE: Jefferies Raises Interpublic's PT

According to a research report published earlier today, Jefferies has increased Interpublic Group of Companies'

PT from $9 to $10. Jefferies commented in the report, “We update our model to reflect FY'11 actuals and 2012 guidance. We slightly increase our organic growth forecast from +3.0% to +3.2% on management's optimistic tone. We also incorporate management guidance of +50bps of margin expansion during the year. We had previously expected 140bps but the 2011 outperformance was strong enough to pull a significant amount of the improvement into the previous year. We also update our diluted share count following the announcement the company will redeem the 2023 convertible notes and cancel the resulting 33m shares. Our adjusted EPS forecast increases +3% in both 2012 and 2013. We lift our price target from $9 to $10 to reflect our new earnings forecast, lower share count, and sector rerating.” Jefferies maintains its Underweight rating on Interpublic Group, which closed yesterday at $11.39.