Jefferies Cuts Price Target on Willis Towers Watson (WLTW); Reiterates Buy
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Jefferies maintained a Buy rating on Willis Towers Watson (NASDAQ: WLTW), and cut the price target to $147.00 (from $150.00), following the company's 3Q.
Analyst David Styblo commented, "While WLTW's 3Q update was a modest negative, the relative underperformance in the last two days is larger than we would have expected. Yes, WLTW did trim its 2016 organic growth guidance by 50bps to 2%. However, this is one of the smaller drivers to reaching WLTW's 2018 EPS target of $10.10. We continue to see risk/reward attractive with the stock trading at a 2018 P/ E of 11.5-12x, or a ~20% discount to peers."
Shares of Willis Towers Watson closed at $117.69 yesterday.
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