UPDATE: Jefferies Upgrades Interpublic Group of Companies on Mixed Factors

In a report published Wednesday, Jefferies analyst David Reynolds upgraded the rating on

from Underperform to Hold, and raised the price target from $11.00 to $17.20. In the report, Jefferies noted, “There's a lot to be said for IPG, robust earnings growth profile, plays well into a 'growth' ad spend market and perhaps it remains the key beneficiary of all things POG. Yet, issues around North American profitability and developing economy scale continue to weigh. Richly valued and thus only c.2% upside to the 'old normal' and demonstrably bullish 16.7x forward earnings, we think warrants a HOLD. We set our new PT at US$17.20, 16.7x FY14 earnings.” Interpublic Group of Companies closed on Tuesday at $16.92.