Morgan Stanley analyst Bob Huang lowered the firm’s price target on Aon plc to $296 from $300 and keeps an Equal Weight rating on the shares. On average for the P&C Insurance group, the firm’s Q2 and 2024 EPS estimates decreased 10.6% and 2.2%, respectively, from prior estimates due to higher catastrophe estimates. The firm notes it is also moving down its estimates for reinsurers to better reflect potential losses due to larger catastrophe events. For brokers, the firm moved down its estimates due to higher expenses and the focus on achieving margin expansion.
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