Omnicom Group Stock Rating Reaffirmed by Zacks (OMC)
Omnicom Group (NYSE:OMC)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Monday, American Banking & Market News reports. They currently have a $69.00 price target on the stock. Zacks‘ target price indicates a potential upside of 5.09% from the stock’s previous close.
Zacks‘ analyst wrote, “Omnicom posted flat earnings for the third quarter of 2013 due to $28.1 million pre-tax charges resulting from its proposed merger with Publicis Groupe, S.A. However, revenues grew year over year as the company’s well-diversified business mix across markets supported the growth. Omnicom is also focusing on strengthening its business and expanding its client base globally. The increasing demand for media services, speedy growth of technologies and massive proliferation of channels are likely to drive the company’s growth, going forward. However, a competitive and fragmented communications services industry is likely to limit the profitability of the company to some extent. Hence, we reiterate our Neutral recommendation on Omnicom.”
Omnicom Group (NYSE:OMC) traded up 0.61% during mid-day trading on Monday, hitting $66.06. The stock had a trading volume of 423,977 shares. Omnicom Group has a one year low of $45.11 and a one year high of $70.50. The stock’s 50-day moving average is $63. and its 200-day moving average is $62.63. The company has a market cap of $16.990 billion and a price-to-earnings ratio of 17.70.
Omnicom Group (NYSE:OMC) last issued its quarterly earnings data on Tuesday, October 15th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The company had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.48 billion. During the same quarter in the previous year, the company posted $0.74 earnings per share. The company’s revenue for the quarter was up 2.5% on a year-over-year basis.
Several other analysts have also recently commented on the stock. Analysts at Argus downgraded shares of Omnicom Group from a “buy” rating to a “hold” rating in a research note to investors on Thursday. Separately, analysts at Goldman Sachs Group Inc. cut their price target on shares of Omnicom Group from $69.00 to $68.00 in a research note to investors on Thursday, October 10th. They now have a “neutral” rating on the stock. Finally, analysts at Lazard Capital Markets upgraded shares of Omnicom Group from a “neutral” rating to a “buy” rating in a research note to investors on Thursday, September 5th. They now have a $78.00 price target on the stock. Thirteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $64.67.
Omnicom Group Inc (NYSE:OMC) is a holding company, providing professional services to clients through multiple agencies.
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