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David Karnofsky

Research Analyst at JPMorgan Chase & Co.

David Karnovsky is a Managing Director and Head of U.S. Media, Entertainment, and Advertising Equity Research at J.P. Morgan, specializing in analysis of the media, entertainment, and advertising industries as well as consumer discretionary and communication services. He covers approximately 26 companies, including leading names such as Live Nation, Cinemark Holdings, and Liberty Media, with a track record highlighted by a 75% success rate and an average realized return of 15.24% on analyst calls. Karnovsky has issued hundreds of ratings and price targets over his career, with standout recommendations like a +129% return on Live Nation and a met price target ratio exceeding 76%. He began his analyst career before joining J.P. Morgan and is recognized as one of the top-ranked Wall Street analysts by both TipRanks and AnaChart, while holding relevant FINRA securities licenses as a senior research analyst.

David Karnofsky's questions to OMNICOM GROUP (OMC) leadership

Question · Q3 2025

David Karnofsky from JPMorgan Chase & Co. asked for confirmation on Omnicom's organic growth guidance for the full year and inquired about client interest and response to the combined Omnicom/Interpublic Group of Companies offering, even before the official merger.

Answer

CEO John Wren confirmed comfort with the original guidance range (2.5%-4.5%) and highlighted the significant impact of Q4 project work. He noted that excluding the prior year's Olympic and presidential election impacts, Q3 organic growth would have been approximately 4%. He also stated that clients are very positive about the combined offering, with encouraging feedback and no significant loss of people or business, despite pitching independently.

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