Wedbush Maintains $52 PT On OMC

Wedbush is maintaining its $52 PT on shares of Omnicom Group Inc. OMC. “1Q growth in line with management expectations and our estimates, although size of growth downshift took Street by surprise,” Wedbush writes. “Revenue growth was 7.9% including 1.3% for f/x and 1.4% for acquisitions. Organic revenue growth was 5.2%, in line with our 5.3% estimate, although U.S. growth missed, up 4.1% (6.8% ex- Chrysler) vs our 6.4% estimate, and consensus 6.7% (per StreetAccount). “U.S. growth decelerated from 12.7% in 4Q10. International organic revenue growth compensated, however, coming in at 6.6% vs our 4.0% estimate, led by the Other region (which includes emerging markets), up 10.4%, and the U.K., up a surprising 9.1%, while the Eurozone managed 2.1% organic growth.” Omnicom Group closed Tuesday at $47.02.