UPDATE: Morgan Stanley Resumes Coverage on Omnicom Group with Equal-Weight Rating, $75 PT on Modest Upside

In a report published Wednesday, Morgan Stanley analyst Benjamin Swinburne resumed coverage on

with an Equal-Weight rating and $75.00 price target. In the report, Morgan Stanley noted, “We expect OMC to draw down the excess cash balance it built up during the POG merger process, with buybacks ramping following its recent dividend hike. However, we resume at EW as overall valuation appears appropriate for this point in cycle and with margins at prior peaks.” Omnicom Group closed on Tuesday at $70.06.