UPDATE: Sterne Agee Downgrades Aon Corporation to Neutral on Underperformance, Limited Upside
Sterne Agee downgraded Aon (NYSE: AON) from Buy to Neutral and raised the price target from $62.00 to $65.00.
Sterne Agee commented, "We are downgrading AON to Neutral from Buy as shares have outperformed the group over the past year and upside is a bit less compelling in our view versus some of its other peers (particularly its closest peer MMC). Our double-digit earnings growth forecast for AON over the next two years is roughly in line with the group average. We would note our price target of $65 still implies 13% upside and we continue to remain positive on the insurance broker group overall."
Aon Corporation closed at $57.75 on Friday.
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