UPDATE: Pivotal Research Group Downgrades Omnicom Due to Projected Price Target Approach

In a report published Wednesday, Pivotal Research Group analyst Brian Wieser downgraded Omnicom (NYSE: OMC) from a Buy rating to a Hold rating while holding the price target at $72.00.

In the report, Pivotal Research Group says "We are downgrading our rating on Omnicom from BUY to HOLD as the company's stock has risen to levels which are close to our yearend 2014 price target of $72. Since the beginning of September, when the stock was around the $60 level, OMC has gained 15% vs. the S&P which has gained 8%. While we retain a favorable view of the company and the broader agency holding company sector, especially considering the strategic advantages a combined Omnicom and Publicis bring to themselves and the broader industry, we consider the stock as valued within a fair range at this time. Our operating estimates remain unchanged at this point in time."

Omnicom closed Tuesday at $69.99.