UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Omnicom Group on Steady Marketing Environment

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Omnicom Group

, and raised its price target from $52.00 to $57.00. Deutsche Bank noted, “The broader marketing environment is steadier than our conservatively pitched expectations, with Q4 revenue at the high end of expectations and the 2013 outlook feeling a lot like 2013 (ex the Olympics). While this is only modestly better than consensus, the sentiment around the agencies should improve. We would argue that the shares should now trade closer to the historical premium to the S&P of ~10% given the stability of the model and strong capital return, but we think there is not enough upside from the current +7%. We maintain our Hold but increase 2013 EPS by 1% to $3.94, and our TP from $52 to $57.” Omnicom Group closed on Tuesday at $56.02.