UBS reiterates a 'Neutral' on Willis Group (WSH); Reducing EPS Estimates
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Price: $47.18 --0%
Rating Summary:
10 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 1 | Down: 4 | New: 5
Rating Summary:
10 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 1 | Down: 4 | New: 5
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UBS reiterates a 'Neutral' on Willis Group (NYSE: WSH) price target cut $1 to $38.
UBS analyst says, "We are decreasing UBSe of adj op EPS from $2.92 to $2.79 for 2011 (at the upper end of mgt guidance range of $2.70-$2.80) and from $3.30 to $3.00 for 2012. The reduction in our 4Q11 EPS estimate is due to the continued earning drag from Loan Protector. Our 2012 estimate reduction is due to higher adjusted operating expense growth per mgmt. guidance of 3% - 4%."
"Despite the favorable impact of improved commercial insurance pricing and cost saves from its operational review, we believe margin expansion could disappoint in 2012 further pressuring EPS estimates. Our 12-month price target of $38 is based on EV-to-EBIDTA multiple of 9.0x a year from now."
For more ratings news on Willis Group click here and for the rating history of Willis Group click here.
Shares of Willis Group closed at $37.08 yesterday.
UBS analyst says, "We are decreasing UBSe of adj op EPS from $2.92 to $2.79 for 2011 (at the upper end of mgt guidance range of $2.70-$2.80) and from $3.30 to $3.00 for 2012. The reduction in our 4Q11 EPS estimate is due to the continued earning drag from Loan Protector. Our 2012 estimate reduction is due to higher adjusted operating expense growth per mgmt. guidance of 3% - 4%."
"Despite the favorable impact of improved commercial insurance pricing and cost saves from its operational review, we believe margin expansion could disappoint in 2012 further pressuring EPS estimates. Our 12-month price target of $38 is based on EV-to-EBIDTA multiple of 9.0x a year from now."
For more ratings news on Willis Group click here and for the rating history of Willis Group click here.
Shares of Willis Group closed at $37.08 yesterday.
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