Marsh McLennan initiated with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Bob Huang initiated coverage of Marsh McLennan with an Equal Weight rating and $202 price target. Marsh is successfully executing its target of mid-single-digit topline growth, expanding its margins and deploy excess capital for acquisitions and buybacks, but although the company beat earnings in Q1 and printed higher than expected revenue growth, this is now priced in, the analyst tells investors in a research note. Consensus is already above management’s guidance, reflecting the tailwind in both revenue and margins, Morgan Stanley notes.