Citi Investment Research Lowers U.S. Ad Forecasts - Downgrades Omnicom (OMC) to Hold
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Citi downgrades Omnicom (NYSE: OMC) from Buy to Hold. Price target lowered from $60 to $47.
Citi analyst says, "Lack of Near-Term Catalysts - The agencies should show relatively in-line performance for Q2, but we are cautious on the outlook for Q4 and FY2009. We believe OMC is a core media holding, but given an unlikely recovery for the ad industry until late 2009/2010, we expect the stock to be range bound..."
Citi Investment Research has lowered U.S. ad forecast for 2008 and 2009 based on semi-annual survey of CIR's U.S. based media analysts, accounting for more cautious expectations across virtually all media outlets. The new forecast for 2008 growth is 0.2%, down from the previous estimate of 3.1%, and flat with 0.2% growth in 2007.
Omnicom Group Inc. (Omnicom) is primarily a holding company. Omnicom, through its subsidiaries, provides professional services, such as advertising, marketing and corporate communications services.[SM]
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