- The shares of Interpublic Group (NYSE: IPG) have received a $35 price target from Morgan Stanley. These are the details.
The shares of Interpublic Group (NYSE: IPG) have received a $35 price target from Morgan Stanley. And Morgan Stanley analyst Benjamin Swinburne is maintaining an “Equal-Weight” rating on the shares.
Swinburne adjusted the rating while cutting the expectations for advertising growth in 2023 to reflect the rising risk of macro headwinds with the bear case now reflecting a mild recession. And the decelerating ad growth with recession risk suggests downward pressure on multiples in the media and entertainment advertising space.
Going forward, Swinburne expects better risk/rewards in other areas of the coverage group with less cyclicality than other sectors.
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