Deutsche Bank Reiterates Buy on Omnicom (OMC)

Deutsche Bank is out with its report today on Omnicom OMC, reiterating Buy. In a note to clients, Deutsche Bank writes, "We think the market treated Omnicom a bit harshly post the 4Q results and conf call. The FY margin came in precisely as management indicated it would, irrespective of the revenue upside, and there was little surprising in the outlook other than a higher tax rate (neg $0.02). With margins headed back to 2007 levels and cash repatriation strong, we see 18% EPS growth through 2012. At 17x 2011 EPS of $2.17 ($2.20 previously), the shares are worth $50. Reiterate Buy." Shares of OMC closed Wednesday at $49.65, up 0.42% from Tuesday's close.