Raymond James analyst C. Gregory Peters upgraded Marsh & McLennan to Outperform from Underperform with a $115 price target. In a research note to investors, Peters says he believes the combined Marsh & McLennan/JLT platform will be the best positioned to harvest cost savings of the peer group and believes the company's margins could improve at a run rate of up to 130bp or more once the integration is finalized.

Marsh McLennan Agency, a subsidiary of Marsh, announced that it has entered into a definitive agreement to acquire Fisher Brown Bottrell Insurance, Inc. from Trustmark National Bank. Headquartered in Jackson, Mississippi, FBBINSURANCE is one of the top five largest bank-affiliated insurance agencies in the country and one of the largest agencies in the Southeast. Under terms of the agreement, Marsh McLennan Agency will pay $315.9 million in cash, subject to customary purchase price adjustments, to acquire FBBINSURANCE. The transaction is pending regulatory approval and standard closing conditions, and is expected to close during the second quarter of 2024.

TD Cowen analyst Andrew Kligerman raised the firm's price target on Marsh McLennan to $201 from $189 and keeps a Hold rating on the shares. The firm adjusted its model and estimates based on a sum-of-the parts analysis and applying segment multiples informed by peer valuations.

Citi raised the firm's price target on Marsh McLennan to $210 from $205 and keeps a Neutral rating on the shares. The company reported a solid Q1 report and "steady" outlook, the analyst tells investors in a research note. The firm sees Marsh as a "high quality, more diversified broker," with potential upside from better macro conditions, interest rates staying higher, casualty pricing acceleration.