Wedbush Remains Bullish Ahead of Interpublic Group of Cos. (IPG) 3Q Release
- Stocks flat as earnings roll in, Comcast drags Nasdaq
- Unusual 11 Mid-Day Movers 10/27: (PCMI) (OCN) (TTMI) Higher; (CYH) (RWLK) (AMFW) Lower
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Qualcomm (QCOM) to Acquire NXP Semi (NXPI) in $47B Deal
- CenturyLink (CTL) in Advanced Talks to Merge with Level 3 (LVLT) - DJ
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Wedbush reiterated an Outperform rating and $28.00 price target on Interpublic Group (NYSE: IPG), ahead of the company's 3Q earnings report. For 3Q, Wedbush assumes 3.0% organic revenue growth and EPS of $0.28, vs the Street's $0.29. • IPG will report 3Q16 on Friday, October 21.
Analyst James Dix commented, "We expect meet/beat quarter on solid U.S. checks. We estimate 3.0% in total organic growth in 3Q vs. 3.7% in 2Q. Although some delay in ramping new account wins was a drag on 2Q growth, ramp’s arrival should help 2H. IPG’s ~60%/9% exposure to stable U.S./U.K. markets should be backstop for possible risks to growth in Europe and AsiaPac. We favor IPG over peers as an ad agency with higher U.S. exposure, higher potential for margin expansion, at a lower valuation—e.g., IPG is currently trading at ~2x discount to peer average on 2017E EV/EBITDA, despite a higher EBITDA growth outlook ex-f/x."
Shares of Interpublic Group closed at $22.56 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Rosenblatt Upgrades NETGEAR (NTGR) to Buy
- Jefferies Raises Price Target on Boot Barn Holdings (BOOT) to $15
- Community Health Systems (CYH): Cutting PT After 3rd Miss In A Row - Jefferies
Create E-mail Alert Related CategoriesAnalyst Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!