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Shares of the global marketing and corporate communications company Omnicom Group, Inc. (OMC) slipped 3.2% in the extended trading session on October 19 after it delivered mixed third-quarter results. Despite registering solid revenue growth driven by increased client spending across all of its verticals, OMC’s revenue failed to meet expectations.
Revenue jumped 7.1% year-over-year to $3.43 billion, missing the consensus estimate of $3.45 billion.
On a positive note, OMC’s quarterly earnings of $1.65 per share increased 13.8% year-over-year and meaningfully beat analyst estimates of $1.36 per share. (See Insiders’ Hot Stocks on TipRanks)
Commenting on the quarterly results, John Wren, Chairman and CEO of Omnicom, said, “Our powerful and differentiated offering, which is tailored to our clients’ needs and is comprised of best-in-class talent, creativity, operating systems and technologies such as Omni, enables us to consistently orchestrate better outcomes for clients and win new business.”
Recently, Barclays analyst Julien Roch maintained a Buy rating on the stock, assigning a price target of $95, implying 24.2% upside potential to current levels.
Overall, the stock has a Moderate Buy consensus rating based on 3 Buys and 1 Sell. The average Omnicom Group price target of $90 implies 17.7% upside potential to current levels. Shares have gained 49.5% over the past year.
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