BOTTOM LINE: We continue to rate IPG Buy and maintain our YE2016 price target of $24. IPG reported very good 4Q results featuring organic growth of +5.2%, contributing to a healthy +6.1% underlying growth rate for the year. These results were slightly higher than our +4.8% forecast on the quarter, but much further above consensus estimates of +4.2%. Foreign exchange represented a fairly significant headwind to growth, curtailing 4Q15 growth by -5.2% and -5.1% for the year. Management noted that no-margin pass-through revenues (primarily associated with event management activities) were down by 30bps in 2015, which further illustrates the strength of the results.