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Omnicom: Barclays upgrades 'Underweight' rating

( - Barclays has upgraded its rating on the Omnicom share from "underweight" to "weight in line," having raised its corresponding target price from 76 dollars to 84 dollars, the day after the media group published its first-quarer results.

"Omnicom's Q1 results were much better than expected (9% at EPS) thanks to solid organic (2.5% versus our 2.0%) but more importantly a significant margin beat (60bp)," the broker says.

"Management is now guiding to margin expansion for the rest of the year versus previous flat guidance," Barclays adds, it saying "we now struggle to see a negative catalyst in the coming quarters".

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