UPDATE: Morgan Stanley Downgrades Marsh & McLennan Companies As Strong Dollar Weighs On 2015 EPS Growth

In a report published Monday, Morgan Stanley analyst Kai Pan downgraded the rating on

from Overweight to Equal-Weight, and lowered the price target from $62.00 to $58.00. In the report, Morgan Stanley noted, "MMC's global franchise offers long-term 13%+ EPS growth. However, the strong dollar weighs on near-term earnings. We are reducing 2015e EPS to $3.06 (+9% YoY) and our PTto $58 from $62. Risk-reward looks balanced at 18x P/E; downgrade to EW." Marsh & McLennan Companies closed on Friday at $55.43.