Citi analyst Michael Ward upgraded WTW to Buy from Neutral with a price target of $315, up from $236. The analyst says the company has “honed its guidance craft at an opportune time.” The firm likes the company’s relative visibility of near-term upside margin strength as cost initiatives flow through alongside materially softer first half of 2024 compares. Citi sees WTW’s earnings guidance as embedding significant conservatism, with margins and buybacks the highest probability sources of upside. Either way, restoration of confidence is occurring and will drive durable valuation improvement, contends the firm.
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