UPDATE: Sterne Agee Cuts Target to $37 on Willis Group Holdings

Sterne Agee lowers its price target to $37 from $40 on Underperform-rated Willis Group Holding

as it lowers estimates following a detailed revuew of Q4 results. Sterne Agee says, "We continue to rate WSH Underperform as earnings growth will likely continue to lag peers in the near term and valuation on EV to EBITDA is still moderately above the group average multiple. ...We are lowering our 2012 and 2013 estimates to $2.65 and $3.00 from $2.85 and $3.25, respectively. The decrease primarily reflects lower margin (higher expense levels) than our previous forecast." WSH closed at $35.27 a share on Friday.