Wedbush Reaffirms an 'Outperform' on Interpublic Group (IPG); Mid-Year Hiccup, But See Turnaround On Track
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Price: $24.57 --0%
Rating Summary:
11 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
11 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush reaffirms an 'Outperform' on Interpublic Group (NYSE: IPG) price target of $13.25 (from $14.00).
Analyst, James Dix, said, "1H results were dead in line with our expectations at the beginning of the year, with OI miss in 2Q offsetting beat from 1Q. Below-forecast 2Q organic revenue of 0.8% was due to U.S. miss, offsetting international beat. In addition to ~350bps in consolidated organic growth headwinds in 2Q, spending reductions by retail and health care clients contributed to U.S. organic revenue growth of -3.2%, well below our 3.6% estimate (StreetAccount: 2.8%), and 2.7% in 1Q. International organic growth beat handily....Despite 2Q miss and lower 3Q, we see company solidly on track to delivering margin target for year."
FY12 EPS estimate cut from $0.81 to $0.80 and FY13 from $0.98 to $0.95.
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 $9.90 yesterday.
Analyst, James Dix, said, "1H results were dead in line with our expectations at the beginning of the year, with OI miss in 2Q offsetting beat from 1Q. Below-forecast 2Q organic revenue of 0.8% was due to U.S. miss, offsetting international beat. In addition to ~350bps in consolidated organic growth headwinds in 2Q, spending reductions by retail and health care clients contributed to U.S. organic revenue growth of -3.2%, well below our 3.6% estimate (StreetAccount: 2.8%), and 2.7% in 1Q. International organic growth beat handily....Despite 2Q miss and lower 3Q, we see company solidly on track to delivering margin target for year."
FY12 EPS estimate cut from $0.81 to $0.80 and FY13 from $0.98 to $0.95.
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 $9.90 yesterday.
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