Morgan Stanley analyst Benjamin Swinburne says that while agency stocks have outperformed the market year to date as a group, he continues to see risk to shares skewed to the downside as organic growth slows in this late cycle economy, and margins are at cycle highs. The analyst lowered his price target for Omnicom (OMC) to $73 from $76, while reiterating an Underweight rating on the stock given his overall sector view. Additionally, Swinburne reiterated an Equal weight on Interpublic Group's (IPG) shares given the company's more digestible size and potential to benefit from industry consolidation.