UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Omnicom Group on Capital Buyback

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Omnicom Group

, and raised the price target from $57.00 to $59.00. In the report, Poole noted, “Omnicom is returning a great deal of capital to shareholders ($1.1b buyback in ‘13E and $400m in dividends, 10%+ return), owns the industry's premier collection of assets, and is trading at a reasonable multiple (15x ‘13E P/E, 8.5x EBITDA, 7.9% FCF yld). We would argue that the shares deserve to 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% particularly given select account headwinds, limited prospects for operating leverage this year, and the absence of positive catalysts. Maintain Hold but increase our target price.” Omnicom Group closed on Thursday at $60.04.