UPDATE: JP Morgan Downgrades Aon plc to Neutral on Limited Upside

JP Morgan downgraded Aon plc AON from Overweight to Neutral and maintained $59.00 PT. JP Morgan commented, "We find it difficult to argue for valuation expansion in AON shares now that organic growth rates have normalized in absolute and relative terms. We believe the next catalyst for the stock could be improved conversion of organic growth into margins (more in consulting than brokerage), but we believe that will likely be more visible in 2014, while upside to current estimates (ours and consensus) might require a stronger economic backdrop. With valuation now more in-line with peers, we see upside and risk-reward as average." Aon plc closed at $56.13 on Friday.