Shares in Interpublic Group are clawing back some of the ground lost earlier this week after an analyst upgraded the firm’s stock.
Following the agency giant’s request to postpone publication of its second-quarter results, shares slumped around 30% early in the week, hitting a six-year low of $12.75 (€13.15; £8.33) on Tuesday.
However, the tide began to turn Wednesday, after J P Morgan analyst Fred Searby changed his recommendation on Interpublic stock from ‘long-term buy’ to ‘buy’. Explaining his decision, Searby cited the bargain-basement price of IPG shares due to “overblown” concerns over the group’s accounting.
Interpublic stock rose 20.5% on Wednesday to close at $16.15, before climbing to $17 by end of trading Thursday.
Data sourced from: BrandRepublic (UK); additional content by WARC staff