Deutsche Bank Reaffirms Buy Rating on Interpublic Group

“We believe marketing budgets are holding up well despite pockets of weakness geographically, meaning the pieces are still in place for margin restoration at The Interpublic Group of Companies, Inc. IPG, which we continue to favor as the most leveraged way to play a sustained recovery of global A&P budgets,” Deutsche Bank wrote in a report. “With mid-teens EBITDA growth and >30% EPS growth through 2013, the stock at 5.8x 2011 EBITDA (peers 6-9x) is too low.” Interpublic Group closed Thursday at $11.92.