Marsh McLennan downgraded to Hold at Jefferies on valuation

As previously reported, Jefferies analyst Yaron Kinar downgraded Marsh McLennan (MMC) to Hold from Buy with a price target of $178, down from $181. Kinar, who also downgraded Chubb (CB) to Hold from Buy, said the changes "are largely valuation-driven." With estimates for the pair largely in-line with Street’s view, the analyst sees limited room for re-rating.