UPDATE: Goldman Sachs Upgrades Marsh & McLennan Companies to Buy on Organic Growth, Sentiment
Goldman Sachs upgraded Marsh & McLennan Companies (NYSE: MMC) from Neutral to Buy and raised the price target from $36.00 to $40.00.
Goldman Sachs said, "MMC shares have lagged our underwriter coverage universe as beneficial P&C pricing trends have clearly driven better underwriter results while improvement has been less clear for brokers like MMC, and further, we had perceived elevated European risk to MMC's consulting business that did not materialize. With Europe in a “bend but not break” mode, we think macro headwinds are manageable and given better-than-expected organic growth from AON and other brokers in 4Q, we have more confidence in the potential for positive organic growth offsets."
Marsh & McLennan Companies closed at $36.14 on Tuesday.
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Tags: Goldman Sachs