Pivotal Research Group reported on Thursday that they have downgraded advertising company, Omnicom Group Inc.(OMC).
The firm has lowered their rating on OMC from a “Buy” to “Hold,” and has reaffirmed a $61 price target on the company. This price target suggests a 6.5% increase from the stock’s current price of $57.02.
An analyst from the firm noted, “we are downgrading Omnicom from BUY to HOLD as the stock has risen substantially since our upgrade – the stock was trading at $47.80 in November and has held up in the high 50s since the company’s most recent earnings call. Upside to our year end price target from current levels is now only 6%, rendering the stock a HOLD.”
Omnicom Group shares were mostly flat during premarket trading Thursday. The stock has increased 17% in the past year.
The Bottom Line
Shares of Omnicom Group Inc.p(OMC) have a 2.81% yield, based on Wednesday’s closing price of $57.02.
Omnicom Group Inc.(OMC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.