Omnicom price target lowered to $80 from $82 at Macquarie

Macquarie lowered the firm’s price target on Omnicom to $80 from $82 and keeps a Neutral rating on the shares. The company’s Q3 organic revenue growth of 3.3% came right in line with consensus and slightly below the 3.5% estimate thanks to strength in Advertising & Media and Precision Marketing and despite the ongoing weakness in the tech/telco sectors, the analyst tells investors in a research note. The firm is also increasing its FY23 EPS view on Omnicom from $7.37 to $7.39 on modest Q3 beat but reducing its FY24 EPS view slightly from $7.89 to $7.87 on lower organic growth expectations, Macquarie added.