UPDATE: Credit Suisse Raises PT to $51 on Aon on UK Redomestication
Credit Suisse raises its price target on Aon (NYSE: AON) from $49 to $51 and reiterates its Neutral rating on shares.
Credit Suisse comments, "Aon recently became the first company within the S&P 500 to re-domicile to the U.K. from the U.S. Based on our analysis of the accounting regime in the U.K relative to the U.S., we believe Aon will save at least $50 million ($0.15) annually by 2013 via a lower effective tax rate. …We were surprised by the muted stock price reaction upon the proposed change and subsequent approval of the re-domestication, and believe that Aon's shares should benefit by +4% as investors begin to understand the positive impact the re-domestication should have on Aon's future after-tax earnings streams."
AON closed at $46.81 on Wednesday.
Latest Ratings for AON
|Aug 2016||MKM Partners||Downgrades||Buy||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.