Interpublic Group boosted to Buy at Jefferies

"We believe Interpublic (IPG) is well positioned for strong organic growth in 2014, benefitting from an improving macro environment, account win tailwinds in the first half of the year, and net positive business wins year to date," says analyst John Janedis, upgrading the stock to a Buy with $23 price target (from $17.20) after taking over coverage from David Reynolds.

"In addition, we think cost cutting measures taken late last year, along with a stronger top line, should translate to operating margin expansion. Improved operating metrics, along with reduced interest expense and a buyback, should translate to high teens compound annual EPS growth over the next five years."

See also: Jefferies launches coverage on media names

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