UPDATE: Jefferies Raises PT to $11 on Interpublic Group; Hires New CEO

Jefferies maintained Interpublic Group IPG with an Underperform rating and raised the price target from $8.50 to $11.00. Jefferies said, "Interpublic named a new CEO of Draftfcb yesterday evening as the group seeks to stymie account losses from one of its flagship properties. Overall, we see this as a step in the right direction given Murray's performance at Y&R but the key will be how much investment in talent is needed to not only stop losing business, but start winning it. Interpublic Group closed at $12.84 on Wednesday.