The global investment banking form, Credit Suisse First Boston (CSFB) announced that it had lowered its price target on shares of Marsh & McLennan Cos. Inc. to $106 per share from $145. The firm cited the decline in assets under management at Marsh & McLennan’s Putnam Investments unit as responsible for the price target cut.
According to Reuter’s Securities, CSFB also lowered its profit estimates for Marsh & McLennan to $1.26 per share for the first quarter, from a previous view of $1.34. For 2001, CSFB lowered its earnings estimate to $4.50 per share from $4.70. For 2002, the brokerage said it expects $5.15 per share, from $5.30. The buy rating on marsh & McLennan was reiterated by the securities firm.
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