UPDATE: Wedbush Raises PT on Omnicom to $53

Wedbush is out with its report today on Omnicom Group OMC, raising its PT from $52 to $53. In a note to clients, Wedbush writes, "Our price target assumes a target P/E that is a ~15% premium to the S&P 500, in line with historical economic cycle patterns. On our revised 2011/2012 P/E estimates, OMC trades at 14.4x/12.8x vs the S&P at 13.6x/12.5x." Wedbush maintains Neutral on OMC. At the time of posting, shares of OMC were trading at $48.32, up 0.48% from Wednesday's close.