Ahead of 1Q15 earnings, we find ourselves lacking conviction across our entire group. Our favorites (DIS, LNKD, ADS) continue to perform well, while intriguing Market Perform rated names (e.g., GOOG, TWX, ACXM) continue to have cross-winds and remain range-bound. In our recent downgrades of both OMC and PUB-FR, we see the agency group as fully valued and return to focusing on stocks with company-specific levers (IPG, MDCA).
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