JPMorgan lowered the firm’s price target on Marsh McLennan (MRSH) to $206 from $226 and keeps an Overweight rating on the shares. The firm adjusted targets in the property and casualty space as part of a Q1 earnings preview. P&C brokerage multiples have traded off since early 2025 and are now approaching 2015-2016 levels, the analyst tells investors in a research note. JPMorgan says multiples “have pulled back enough to be more positive.”
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