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UPDATE: Deutsche Bank Reiterates on Willis Group on Solid Organic Growth, Lingering Margin Concerns


In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Willis Group Holdings PLC (NYSE: WSH), and raised the price target from $38.00 to $42.00.

In the report, Deutsche Bank noted, “Organic growth solid in 3Q13, but margin concerns linger. 3Q13 organic growth of 5.7% came in ahead of our 3.9%, as all three operating segments met or exceed expectations. However, Willis intends to continue increasing headcount as part of an effort to help drive further organic growth. Despite management's medium-term goal to drive revenue growth 70bps above expense growth, we believe that in the near-term there is risk of margin erosion as the push for top-line takes precedent. We remain on the sidelines as we wait for clarity on how margins are impacted under Casserley's early leadership.”

Willis Group closed on Thursday at $79.08.

Latest Ratings for WSH

Nov 2015UpgradesSellHold
Jul 2015UpgradesSellNeutral
Jul 2015UpgradesNeutralBuy

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Posted-In: Deutsche Bank Greg PooleAnalyst Color Price Target Analyst Ratings


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