Omnicom Group (NYSE:OMC) Price Target Raised to $114.00

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UBS Group has raised its price target for Omnicom Group (NYSE:OMC) to $114.00 from $108.00, maintaining a “buy” rating despite the company missing its latest quarterly earnings estimates. Omnicom reported EPS of $2.59 against an estimate of $2.94 and revenue of $5.53 billion against $7.58 billion, though revenue was up 27.9% year-over-year. The board also authorized a significant $5.0 billion stock buyback program, representing up to 38.1% of shares, indicating management’s belief that the stock, currently trading around $75.06, is undervalued.

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