UPDATE: Jefferies Assumes Interpublic Group (IPG) at Buy
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Rating Summary:
11 Buy, 15 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
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Jefferies assumes coverage on Interpublic Group (NYSE: IPG) with a Buy rating and a price target of $23.00.
Analyst John Janedis said, "We are assuming coverage of Interpublic Group from Jefferies Analyst David Reynolds. We are changing our rating on Interpublic Group to Buy with a $23 price target, from the prior rating of Hold with a $17.20 price target. We believe Interpublic is well positioned for strong organic growth in 2014, benefitting from an improving macro environment, account win tailwinds in the first half of the year, and net positive business wins year to date. In addition, we think cost cutting measures taken late last year, along with a stronger top line, should translate to operating margin expansion. Improved operating metrics, along with reduced interest expense and a buyback, should translate to high teens compound annual EPS growth over the next five years. We currently assume EPS for 2014, 2015, and 2016 of $1.01, $1.20, and $1.41 vs. consensus of $1.00, $1.20, and $1.34, respectively. Our EPS CAGR from ’14-16E is 18% for the company."
For an analyst ratings summary and ratings history on Interpublic Group click here. For more ratings news on Interpublic Group click here.
Shares of Interpublic Group closed at $19.35 yesterday.
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