Wells Fargo analyst Elyse Greenspan upgraded Aon plc (AON) to Overweight from Equal Weight with a price target of $265, up from $225. Aon is positioned to outperform as a standalone company or if it acquires Willis Towers Watson (WLTW), Greenspan tells investors in a research note. The analyst believes a standalone Aon is positioned to see "industry-leading" organic revenue growth and has "several tailwinds" to its free cash flow in 2020. If there is a deal, it would likely be because Aon believes it can pull a healthy level of expenses out of Willis without significant revenue disynergies, adds the analyst.