UPDATE: Citigroup Upgrades Interpublic Group of Companies to Buy on Risk/Reward

Citigroup raised its rating on Interpublic Group of Companies IPG from Neutral to Buy and raised its price target from $11 to $14. Citigroup noted, "After a rough 2012, we expect Interpublic to get back on track on 2013 with solid organic growth, margin improvement and meaningful capital returns. The risk/reward profile looks attractive and we're upgrading to Buy with a $14 target price. … There are a number of moving parts in the Interpublic model for 2013. As such, we did a deep dive on the company with three focal points: 1) channel checks on IPG and the industry; 2) discussions with our credit research team; and 3) a deep dive into the model." Interpublic Group of Companies closed at $11.43 on Monday.