Morgan Stanley Upgrading Interpublic Group

Morgan Stanley is out with a research report on Interpublic Group

and is upgrading shares to Overweight, and it has a $12 price target on shares. In a note to clients, Morgan Stanley writes, "IPG's recent 25% drop, driven by a second consecutive quarterly margin shortfall, provides a buying opportunity. Shares now reflect top-line concerns while ignoring improved balance sheet, cost of capital, and potentially ROIC. Our $12 target represents 20%+ upside." Shares of IPG lost 24 cents yesterday to close at $9.57, a loss of 2.45%.