UPDATE: Credit Suisse Initiates Coverage On Marsh & McLennan Companies On Better Value, Better Growth

In a report published Wednesday, Credit Suisse analyst Ryan Tunis initiated coverage on

with an Outperform rating and $62.00 price target. In the report, Credit Suisse noted, "We estimate that MMC can increase its total debt by as much as $2b in the near to medium term with proceeds deployed toward accretive share repurchase and M&A. This drives upside potential to the consensus view of MMC's ability to return capital relative to AON, which has highlighted FCF growth as the main value creator over the next three years. After adjusting for differences in share-based compensation, we see AON and MMC as having similar 2017 FCF yields." Marsh & McLennan Companies closed on Tuesday at $56.09.