Global Securities Firm Cuts Price Target on

April 12, 2001

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.

Was this article valuable?

Here are more articles you may enjoy.