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UPDATE: Credit Suisse Initiates Coverage On Willis Group As Self-Help Margin Story Is Reflected In Valuation


In a report published Wednesday, Credit Suisse analyst Ryan Tunis initiated coverage on Willis Group Holdings PLC (NYSE: WSH) with a Neutral rating and $49.00 price target.

In the report, Credit Suisse noted, "As a result of the company's operational improvement initiative that we think will cumulatively produce $420mm of cost saves over the next three years, we see organic margins improving 1 pt a year from 18% to 21% by the end of 2017. WSH's comp ratio has historically been several points higher than its broker peers, and we are constructive on WSH's ability to achieve its $300mm annualized savings target over the next three years as it manages employee-related expense.

Willis Group closed on Tuesday at $48.18.

Latest Ratings for WSH

Nov 2015UpgradesSellHold
Jul 2015UpgradesSellNeutral
Jul 2015UpgradesNeutralBuy

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Posted-In: Credit Suisse Ryan TunisAnalyst Color Initiation Analyst Ratings


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