UPDATE: Bank of America Downgrades Aon to Neutral on Valuation

Bank of America reduced its rating on Aon

from Buy to Neutral with a reiterated $57 price objective. Bank of America noted, "With Aon's stock within 5.9% of our price objective, we are lowering our rating to Neutral from Buy. Despite a solid 3Q result, we are lowering our 2013 and 2014 estimates due to higher unallocated expenses and a reduction in our revenue forecast in risk solutions. In general, the improving insurance pricing environment does not seem to be having a dramatic impact on revenue growth." Aon closed at $53.84 on Friday.