Analyst Note
| Ali Mogharabi |Omnicom reported strong first-quarter results, as demand for all of Omnicom’s services remained elevated despite increasing economic uncertainty related to Ukraine and higher inflation, which could impact advertisers’ willingness to spend. With that in mind, management still increased its full-year organic growth guidance with the assumption that the first-quarter performance will more than offset any weakness later in the year. We are not making significant adjustments to our model and are maintaining our $90 fair value estimate of narrow moat rated Omnicom.