UPDATE: Citigroup Upgrades Willis Group Holdings to Buy on Pullback
Citigroup raised its rating on Willis Group Holdings (NYSE: WSH) from Neutral to Buy and increased its price target from $38 to $39.
Citigroup commented, "[T]he last 2 times the stock has broken $35 it has rebounded within 2 months. Ins. brokers have 90%+ retention rates and we typically find that things are never as good or as bad as perceived. In addition, they are lapping large issues such as: 1) Loan Protector; 2) UK organic growth; 3) EB fraud and commission squeeze; and 4) cash retention award amortization."
Willis Group Holdings closed at $34.39 on Thursday.
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