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.
GEICO Responds After Error Sent Cancellation Notices to Florida Drivers 
Lemonade Logs Q1 Net Loss With Topline Growth 
Liberty Mutual Says Safeco Brand Is Officially Retired 
Cost of Howden-Driven Talent War Rises to $31M for Brown & Brown 
