Deutsche Bank Reiterates $51 Price Target on Omnicom Group

Deutsche Bank is reiterating its $51 PT on shares of Omnicom Group

. “Our $51 TP equates to 16x 2011 ‘operating' EPS of $3.14 ($3.22 including the 1Q tax benefits, or +7% vs. the market on 2012 consensus,” Deutsche Bank writes. “Because normalization is back we think the shares should be re-rated toward historical levels. Downside risks: stalled macro recovery, inability to expand margins, strengthening US dollar, losses of major clients and overpaying for acquisitions.” Omnicom Group closed Thursday at $47.11.