Combing through this morning's analyst updates across Wall Street, we came across bearish notes on advertising firm Interpublic Group of Companies Inc (NYSE:IPG) and trade show specialist Emerald Expositions Events Inc (NYSE:EEX). Below, we'll take a closer look at the shares of IPG and EEX.
IPG stock was cut to "sector perform" from "outperform" at RBC, which also lowered its price target to $24 from $28. The brokerage firm believes the company's organic growth could slow in 2019. More broadly, analyst ratings on the security are mixed, with five "buy" or "strong buy" ratings on the books, compared to three "holds," and one "sell."
So far today, the equity has dipped 0.5% to trade at $22.23. It's coming off a horrible December in which it hit an annual low of $19.62 on Dec. 26, and despite a strong start to 2019 -- up over 8% before today -- the shares may be losing steam near the just-overhead 50-day moving average.
EEX, meanwhile, saw its rating lowered to "underweight" from "equal weight" at Barclays, which matches the general opinion on the Street. In fact, not a single brokerage firm recommends buying the security, and its average 12-month price target of $13.52 sits right near current levels.
Emerald Expositions Events stock is down 3.9% today at $13.17, which is par for the course. Year-over-year, the equity has shed roughly 38%, and yesterday's two-month high was capped by the 100-day moving average.