Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Merrill Ups Omnicom to 'Near Term Strong Buy'


Merrill Lynch upgraded Omnicom (OMC) to near term strong buy from buy.

On Thursday the stock was weak on an unconfirmed rumors of accounting irregularities. Analyst Lauren Rich Fine says shares fell about 6% on Thursday as the company's 8-K revealed that an ouside director, Robert Callander, head of audit committee, resigned from the board. Rich Fine believes this led to unfounded rumors. In talks with management, Rich Fine concluded that Mr. Callander resigned because at age 72, he probably wouldn't stand for re-election next year. She thinks the overreaction of news has led to an excellent entry point -- one that doesn't come along often. She sees $3.45 2002 earnings per share and $3.95 for 2003. She is keeping her long term strong buy rating.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus