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UPDATE: Goldman Sachs Initiates Willis Group Holdings at Neutral

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UPDATE: Credit Suisse Initiates Coverage On Willis Group As Self-Help Margin Story Is Reflected In Valuation

Goldman Sachs initiated coverage on Willis Group Holdings (NYSE: WSH) with a Neutral rating and a $39 price target.

Goldman Sachs said, "The stock has underperformed YTD following weak results earlier in the year, the withdrawal of guidance and a lack of visibility into the pace of margin expansion. Valuation appropriately reflects this uncertain outlook and we expect continued volatility around earnings for the next 2-3 quarters. For the stock to work, WSH needs to demonstrate it can execute on growing top line without adding incremental expenses. Additional uncertainty stems from upcoming CEO succession (current CEO Joe Plumeri is expected to retire in 2013), more limited financial flexibility due to higher debt leverage, and pace of international growth."

Willis Group Holdings closed at $36.52 on Thursday.

Latest Ratings for WSH

Apr 2015Credit SuisseInitiates Coverage onNeutral
Mar 2015MKM PartnersMaintainsBuy
Feb 2015Deutsche BankMaintainsHold

View More Analyst Ratings for WSH
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Initiation Intraday Update Analyst Ratings


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