UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Interpublic Group of Companies

In a report published Monday, Deutsche Bank reiterated its Buy rating on Interpublic Group of Companies

, but slightly lowered its price target from $15.00 to $14.50. Deutsche Bank noted, “Maintain Buy - Too cheap to ignore. We maintain our Buy after today's miss and guidance downgrade but tweak our PT to $14.50 ($15 previously). While disappointing, the quarter can hardly be called surprising, and IPG remains attractively valued for growth even on our lowered estimates. All the attractive aspects related to extracting value from the balance sheet remain intact. With 24% EPS growth p.a. through 2014, the stock at 4.6x 2013 EBITDA, 10.5x EPS and 11% FCF yield remains too cheap to ignore. As in the past, today's 3% decline is a buying opportunity.” Interpublic Group of Companies closed on Friday at $10.29.