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Interpublic Group -2.4% as Morgan Stanley goes Neutral

  • Ad giant Interpublic Group (NYSE:IPG) is 2.4% lower after a Morgan Stanley downgrade to Equalweight.
  • "We no longer have a more bullish outlook than consensus for IPG, and expect organic growth to moderate in '17," says analyst Ben Swinburne. "Both IPG/OMC face a stronger dollar (40% int'l revs) and DOJ investigation overhangs. Finally, agencies' more defensive secular position versus traditional media appears priced in."
  • Swinburne updated the firm's price target on IPG to $26; shares are trading at $23.07 today after closing at $23.63 yesterday. The stock is down 0.8% over the past 12 months.

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IPG--
The Interpublic Group of Companies, Inc.
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