UPDATE: Bank of America Upgrades Willis Group to Buy on Valuation
Bank of America raised its rating on Willis Group (NYSE: WSH) from Neutral to Buy and raised its price target from $39 to $41.
Bank of America said, "We are raising our rating on Willis to Buy from Neutral based on valuation and our belief that comparisons should improve for the company in the second half of the year and 2013. Disappointing earnings for Willis have led to notable underperformance for its shares over the past year. We believe that the fundamental backdrop for the company should remain relatively accommodating and more stable earnings estimates should allow for solid stock performance over the next 12 months."
Willis Group closed at $35.50 on Monday.
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