Morgan Stanley analyst Michael Phillips downgraded Willis Towers Watson to Equal Weight from Overweight with a price target of $222, up from $204, stating that he believes the stock's valuation has likely reached peak levels following significant multiple expansion in recent months on the heels of improving P&C pricing. While he thinks pricing gains should continue throughout 2020, he believes the pricing environment is fully reflected in Willis Towers Watson's shares as well as others in the group. He models organic growth and margin expansion at Willis Towers Watson to be in line with that of peers, which also does not support an Overweight rating, Phillips tells investors.