UPDATE: Jefferies & Company Reiterates Underperform Rating, Lowers PT on Interpublic Group of Companies

In a report published Friday, Jefferies & Company reiterated its Underperform rating on Interpublic Group of Companies IPG, but lowered its price target from $10.00 to $8.50. Jefferies noted, “We lower our forecasts and price target following a disappointing Q3 where full year organic growth guidance was lowered from +3.0% to +1.0%. We also see risks to margin expansion guidance of +50bps and remain below at +20bps. We continue to see challenges for the group as they navigate account losses and reiterate our Underperform.” Interpublic Group of Companies closed on Thursday at $9.54.