Piper Sandler downgrades Marsh & McLennan citing lack of future catalyst

Marsh & McLennan Companies

17/04/2024 19:27

** Piper Sandler downgrades insurance brokerage Marsh &
McLennan  MMC.N  to "neutral" from "overweight", citing lack of
future catalyst
    ** Maintains PT of $211, which is still 7.5% upside to the
last close
    ** Piper Sandler says absent a major mergers and
acquisitions opportunity or some unexpected industry event, it
doesn't see MMC doing more than it has done in the past
    ** Notes MMC's organic growth peaked in the third quarter of
2021 and has since generally decelerated
    ** Says Marsh's prospects in the near future likely match
those of its peers and its valuation reflects that outlook
    ** Five of 22 brokerages rate the stock "buy", 15 "hold" and
two "sell"; their median PT is $210 - LSEG data
    ** MMC shares up 4.3% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))