Goldman Sachs double downgraded Marsh McLennan to Sell from Buy with an $185 price target. While Marsh has done the right things to invest in future growth, its organic growth is likely on a path to more normal levels now that extraordinary benefits from talent additions have played out, the analyst tells investors in a research note. The firm sees consensus expectations baking in a greater continuation of recent market and idiosyncratic tailwinds then it anticipates going forward. It sees risk to 2025 organic growth expectations and 2024/2025 adjusted operating margin expectations.
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