UPDATE: Deutsche Bank Raises PT to $52 on Omnicom

Deutsche Bank raises its price target from $51 to $52 on Buy-rated Omnicom

as a good start to the company's 2012 suggest likely multiple expansion ahead. Deutsche Bank notes, "That Omnicom sold off today post a solid Q1 result and confident outlook does not make sense to us, nor does the relative valuation discount to both the market and Publicis. Rather, we see today's weakness as an opportunity to buy a high quality agency with a consistent combo of growth, low volatility, and equity returns. We forecast 2-yr EPS growth of 14% p.a. and 17% ROIC, which warrants a >10% premium to the S&P, not the current -2% on consensus ests. We think the shares are worth $52 at 14x 2012 EPS of $3.71." OMC closed at $48.64 yesterday.