In a report published Monday, Deutsche Bank analyst Paul Ginocchio downgraded Towers Watson TW from Buy to Hold, but raised the price target from $80.00 to $93.00.
In the report, Deutsche Bank noted, “Despite giving a full PE multiple to Extend Health (30x), we now see more limited upside in Towers Watson after the strong run in the share price. We have raised our price target from $80 to $93 as we have raised the multiple on the legacy business from 13x to 14x and valued TW off cal'14E. Our updated FX estimates take a few pennies off our forward EPS but we have made no other changes to our assumptions. With TW's cal'14E P/FCF at 14x vs HURN at 13x, we prefer HURN to TW. Hold.”
Towers Watson closed on Friday at $87.65.
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