Interpublic On The Verge Of Doubling Amid Pandemic
EWM Interactive | Mar 18, 2021 06:29AM ET
We first wrote about Interpublic (NYSE:IPG) in March 2018. The stock had just reached $26 a share, but we thought an Elliott Wave correction can “easily erase about 50% of Interpublic ’s market capitalization.”
Two years later, during the coronavirus panic in March 2020, IPG fell to $11.63, down 55% from the 2018 high.
Fortunately, the company was financially sound and its survival was never in doubt. According to the Elliott Wave theory, once a correction is over, the larger trend resumes. So after successfully sidestepping the crash, it was time to take another look. On May 13, 2020, we
The Fed made things really weird this past year. The record amount of money printing and liquidity caused market moves that would normally take years to develop in months. By February 2021, Interpublic was already trading above its 2018 top. Yesterday, the stock closed at $29.93, up 157% from the 2020 low.
At $32.26 the stock would have doubled in price since the time we turned bullish on it. Given the current upside momentum, we have little doubt it is going to reach that level and then some. In the meantime, Omnicom, another advertising company we examined in May 2020, has yet to reach its 2016 peak…
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