Marsh & McLennan (MMC) PT Lowered to $208 at BMO Capital

BMO Capital analyst Michael Zaremski lowered the price target on Marsh & McLennan (NYSE: MMC) to $208.00 (from $222.00) while maintaining a Market Perform rating.

The analyst commented: "What we mean by this is that while MMC's large move feels overdone, we make the case the stock screens as potentially not inexpensive in the context of the current macro/pricing environment and its organic growth underperformance relative to peers. We believe some macro indigestion may be needed for the market to return to appreciating its earnings volatility advantage.

Our 2026 organic growth forecast moves to +3.8% from +4.0%, but our adj. operating margin moves to 27.7% from 27.5%, buoyed by the Thrive Savings program. Our 2026/27 adj. EPS move higher by +1%/+2% on stronger margins+greater buybacks offset by higher interest expense. Our PT moves to $208."

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