UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Lowers PT on Interpublic Group of Companies as Expectations are Dialed Back

In a report published Wednesday, Morgan Stanley analyst Benjamin Swinburne reiterated an Equal-Weight rating on

, but lowered the price target from $19.00 to $18.00. In the report, Morgan Stanley noted, “While our expected '14 growth rate is unchanged and may prove conservative, the 4Q13 EBIT shortfall sets us back on an absolute basis. Our EPS estimate for '15 falls 10%. Account win tailwinds suggest upside, but so does valuation here at 16 times '15 EPS – remain EW, PT to $18.” Interpublic Group of Companies closed on Tuesday at $17.19.