UPDATE: Credit Suisse Initiates Coverage On Aon On Mixed Relative Quality

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

with an Underperform rating and $95.00 price target. In the report, Credit Suisse noted, "After several years of strong margin improvement at AON, we think improvement in 2015-2017 will be difficult. On the brokerage front, we see a lack of visibility around gaining carriers on GRIP. Reinsurance brokerage is facing soft pricing in treaty, a mix shift to lower-margin capital markets, and headwinds in European growth. On the consulting side, we see slow adoption of private exchanges among large corporate clients." Aon closed on Tuesday at $96.12.