UPDATE: Deutsche Bank Downgrades Omnicom Group to Hold, Lowers PT
In a report published Monday, Deutsche Bank downgraded its rating on Omnicom Group (NYSE: OMC) from Buy to Hold, and lowered its price target from $58.00 to $52.00.
Deutsche Bank noted, “We are lowering Omnicom from a Buy to a Hold and trimming our target to $52. While Omnicom remains on track for its 2012 goals and is not expensive relative to the S&P 500, we would rather be on the sidelines going into 2013 given our subdued sector revenue outlook, limited prospects for operating leverage, and absence of positive catalysts. We do not see Omnicom moving back to its historical premium valuation until ad market conditions improve, and prefer Interpublic (Buy, $14.50 TP) and MDC Partners (Buy, $16 TP) among the US agencies, and Havas (Buy, E5.0 TP, covered by Patrick Kirby) in Europe.”
Omnicom Group closed on Friday at $49.82.
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