Pivotal Research Group analyst Brian Wieser on Aug. 14 upgraded Interpublic Group of Cos. Inc. to "buy" from "hold" despite a "negative perspective on agencies' trajectories" in the next five years as compared to the past five.

The analyst maintained the $24 price target on the company's stock. While noting that the company's stock has fallen 20% over the past few weeks, Wieser said the decline does not "commensurate with the change in the value of the business."