UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Omnicom Group on Raised Dividend
In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on Omnicom Group (NYSE: OMC), and raised its price target from $49.00 to $55.00.
BMO Capital Markets noted, “4Q12 pro forma EPS of $1.10 was above our $1.08 estimate and consensus of $1.09. Reported GAAP EPS of $1.13 were impacted by a $0.20 tax benefit, partially offset by a $0.06 tax charge and an $0.11 write-down on an Egyptian equity investment. The Advertising discipline powered organic revenue growth of 2.7% (vs. our 2.5% and the Street's 2.2%), while CRM came in weak at -1.6% as field marketing results suffered. Omnicom also announced that its quarterly dividend would grow to $0.40 from $0.30.”
Omnicom Group closed on Tuesday at $56.02.
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