Interpublic Group (IPG) PT Raised to $41 at Macquarie

Macquarie analyst Timothy Nollen raised the price target on Interpublic Group (NYSE: IPG) to $41.00 (from $37.00) while maintaining a Outperform rating. The analyst commented:

• IPG reported 19.8% organic rev growth in Q2, its fastest quarterly growth ever, and nearly doubled our adj. EPS estimate at $0.70.
• The effects of IPG’s restructuring are showing up in higher margins, up 200bps in ‘21E vs. pre-Covid ’19, and we see further expansion in ‘22.
• Management raised 2021 guidance on the strong beat; we raise estimates and TP and reiterate our Outperform rating.

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