Deutsche Bank Downgrades Willis Towers Watson (WLTW) to Sell
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Deutsche Bank downgraded Willis Towers Watson (NASDAQ: WLTW) from Hold to Sell with a price target of $122. Analyst Joshua Shanker doesn't think the company will meet 2018 EPS expectations.
"Following a September 30 investor day, bullish investors came away with the conclusion that current management had a grasp on the issues that have plagued Willis over a multi-year time frame. We were more skeptical, viewing optimism about 2018 EPS goals ($10.10+) above Street consensus ($9.97) as more of a ceiling than a floor. We believe that near-term newsflow is likely to bring down buy-side enthusiasm. Modest downside to our target price combined expectation of downward earnings revisions informs our Sell rating," said Shanker.
Shares of Willis Towers Watson closed at $128.76 yesterday.
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