Barclays analyst Alex Scott upgraded Marsh McLennan (MMC) to Overweight from Equal Weight with a price target of $206, down from $221. The firm reduced organic growth estimates “across the board” for the insurance brokers, saying property and casualty pricing is below expectations. “Persistent signs” of softening across the property and casualty markets along with weaker pricing data “signal a turning point,” the analyst tells investors in a research note. Barclays, however, believes Marsh offers stronger relative value and more downside protection on consensus estimates. It finds the stock attractive at current levels.
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