UPDATE: Piper Jaffray Starts Willis Group (WSH) at Neutral

Piper Jaffray initiated coverage on Willis Group (NYSE: WSH) with a Neutral rating and a price target of $51.00.

Analyst Analyst Daniel Farrell commented, " We view WSH as having a lot on its plate to execute over the next couple of years with the company in the early stages of an operational improvement program and in the process of completing some larger M&A transactions. While we recognize the potential for strong cash earnings and margin improvement through expense savings and the increased deal revenues, we also feel these efforts carry a good amount of execution risk and balance sheet flexibility will be more limited in the intermediate term through higher debt to fund these transactions. The stock has outperformed the group YTD (up 8% versus the group up 4% and the S&P500 up 3%) while valuation is roughly in line with the group average."

For an analyst ratings summary and ratings history on Willis Group click here. For more ratings news on Willis Group click here.

Shares of Willis Group closed at $47.60 yesterday.

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