- Wells Fargo analyst Steven Cahall raised the price target on Omnicom Group Inc (NYSE:OMC) to $96 from $85 (21.6% upside) and kept an Equal Weight rating on the shares.
- The analyst said Omnicom posted a "very solid" quarter amidst somewhat low expectations.
- Guidance for 5%-6% growth indicates "much stronger underlying trends," but the upside potential he sees is more limited when compared to other names in his coverage, Cahall noted.
- Omnicom reported fourth-quarter FY21 revenue growth of 2.6% year-on-year to $3.86 billion, beating the consensus of $3.68 billion. EPS of $1.95 beat the consensus of $1.73.
- "Global organic revenue growth of 9.5% exceeded our expectations in the fourth quarter, operating profit margins remained very strong, and we posted solid quarterly earnings per share," said John Wren, Chairman, and CEO of Omnicom.
- Price Action: OMC shares traded higher by 13.2% at $89.35 on the last check Wednesday.
