Wedbush Raises Price Target and Outlook on Omnicom Group (OMC), Strong Quarter Followed by Solid Outlook
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Price: $87.57 -0.89%
Rating Summary:
8 Buy, 19 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 19 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush is maintaining its Neutral rating on shares of Omnicom Group (NYSE: OMC) while raising its price target by $1 to $53.
The company released its Q2 results with revenue growth of 14.7 percent and organic revenue growth of 7.2 percent. Operating margin for the quarter ended up being 14 percent. Q2 EPS of $0.96 increased 21.5 percent year-over-year. All results topped the firm and Street's estimates.
To go inline with the market trend and managements ability to outperform, the firm is raising its 2011 EPS estimate from $3.26 to $3.34 and is forecasting 5.7 percent increase in organic growth.
An analyst at Wedbush comments, "We do note that OMC’s organic revenue growth was no longer burdened in 2Q by the loss of Chrysler, likely making it more comparable to that of peers this quarter. That said, peers’ lower mix of revenue from the US could contribute to their having slightly lower 2Q growth."
For more ratings news on Omnicom Group click here and for the rating history of Omnicom Group click here.
Shares of Omnicom Group closed at $48.09 yesterday.
The company released its Q2 results with revenue growth of 14.7 percent and organic revenue growth of 7.2 percent. Operating margin for the quarter ended up being 14 percent. Q2 EPS of $0.96 increased 21.5 percent year-over-year. All results topped the firm and Street's estimates.
To go inline with the market trend and managements ability to outperform, the firm is raising its 2011 EPS estimate from $3.26 to $3.34 and is forecasting 5.7 percent increase in organic growth.
An analyst at Wedbush comments, "We do note that OMC’s organic revenue growth was no longer burdened in 2Q by the loss of Chrysler, likely making it more comparable to that of peers this quarter. That said, peers’ lower mix of revenue from the US could contribute to their having slightly lower 2Q growth."
For more ratings news on Omnicom Group click here and for the rating history of Omnicom Group click here.
Shares of Omnicom Group closed at $48.09 yesterday.
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