Marsh McLennan initiated with a Buy at Deutsche Bank

Deutsche Bank initiated coverage of Marsh McLennan with a Buy rating and $226 price target. The angsty views Marsh as a company with an “industry-defining brand, non-discretionary product relative to its clients’ needs, a wide moat, and the ability to generate strong cash flow.” Given the uncertain economic outlook, the company’s defensive characteristics and track record of growing sales, even during prior recessions, are attractive, the analyst tells investors in a research note.