FBR Capital Raises Price target as Interpublic Group of Cos. (IPG) Reports 3Q15 Earnings

FBR Capital reiterated an Outperform rating on Interpublic Group (NYSE: IPG), and raised the price target to $25.00 (from $23.00), following the company's 3Q15 earnings results. Results were sound and showed high sustained growth in the U.S. and sharp improvement in LATAM and other markets.

Analyst William Bird commented, "Conference call comments were constructive on the tone of business and the new business pipeline. We are raising our 2015 EPS estimate by the $0.03 surprise versus our estimate. We are also increasing our 2016 estimate by $0.05 to $1.33, which assumes 4.3% organic revenue growth, 80 bps of margin expansion, and $300M of stock buybacks. Our new price target is $25 (previously $23). IPG’s results are supportive of our thesis that the company is showing improved business momentum and offers strong prospects for GDP+ growth, amplified by margin expansion and with a free call on potentially re-levering the balance sheet to repurchase shares."

For an analyst ratings summary and ratings history on Interpublic Group click here. For more ratings news on Interpublic Group click here.

Shares of Interpublic Group closed at $21.39 yesterday.

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