Opinions

Pat Naccarato Interpublic Group of Companies Inc. IPG-N TOP PICK Sep 10, 2008

3rd largest global advertising agency. New management are in the process of restoring margins and profitability. Stock was impacted by the economic turndown. Fundamentals are turning upward. Good price.

Pat Naccarato

Owned

Unlock Rating

$8.850

Stock price when the opinion was issued

Advertising Agencies

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TOP PICK

Has been beaten up very hard. Trading at a fraction of what its global peers are. Has downside protection. If they can achieve margins similar to its peers, it should have significant upside.

TOP PICK

(A Top Pick Apr 26/07. Down 13%.) Advertising. Lost a part of Johnson & Johnson account. Feels the company is on the road to recovery. New management. Could be a double in the next 3-4 years. A contrarian play.

PAST TOP PICK

(Past Top Pick July 17/07. Down 16.8%.) A global advertising agency. Dropped because of fears of a recession affecting advertising. Management is making changes and margin potential should be significantly higher. Easily a double from these levels.

DON'T BUY

This has had a great run, but he thinks their run is pretty much over. His Fair Market Value is $21, and runs into very stiff technical resistance at $21.50. Quite expensive on a Price-To-Book basis at about 4X.

DON'T BUY

A good company, but how strong is advertising now? The stock is expensive now.

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Pat Naccarato Interpublic Group of Companies Inc. IPG-N TOP PICK Sep 10, 2008

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