WTW price target lowered to $283 from $341 at Piper Sandler

Piper Sandler analyst Paul Newsome lowered the firm’s price target on WTW (WTW) to $283 from $341 and keeps an Overweight rating on the shares. The firm notes the company reported a bottom-line beat versus Piper’s and consensus’ estimates primarily driven by a better-than-expected top line and other adjustments. The headline was very weak organic revenue growth of 2%. Piper’s thesis that WTW had the best potential to maintain organic revenue growth versus its peers did not happen. Nevertheless, given the sharp decline in the stock, the firm thinks the bad result is likely fully in the shares.