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BRO

Brown & Brown

$30.77

0.045 (0.15%)

, AJG

Arthur J. Gallagher

$80.77

-0.15 (-0.19%)

11:25
04/17/19
04/17
11:25
04/17/19
11:25

William Blair financial services analyst to hold a luncheon

Financial Services & Technology Analyst Klauber, along with Mark Moitoso, Executive Vice President/Risk Practices Leader at Lockton Companies, provide insights into the broker landscape at a Group Luncheon Meeting being held in New York on April 17 at 12 pm hosted by William Blair.

BRO

Brown & Brown

$30.77

0.045 (0.15%)

AJG

Arthur J. Gallagher

$80.77

-0.15 (-0.19%)

MMC

Marsh & McLennan

$95.31

-0.22 (-0.23%)

AON

Aon plc

$176.41

-0.54 (-0.31%)

WLTW

Willis Towers Watson

$180.01

-1.17 (-0.65%)

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    Apr

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  • 11

    Jun

BRO Brown & Brown
$30.77

0.045 (0.15%)

06/18/18
GSCO
06/18/18
INITIATION
Target $31
GSCO
Neutral
Brown & Brown initiated with a Neutral on valuation at Goldman Sachs
Goldman Sachs analyst Yaron Knar initiated Brown & Brown with a Neutral and $31price target citing valuation.
08/07/18
FBCO
08/07/18
INITIATION
Target $31
FBCO
Neutral
Brown & Brown initiated with a Neutral at Credit Suisse
Credit Suisse analyst Michael Zaremski started Brown & Brown with a Neutral rating and $31 price target. Given the company's small commercial focus relative to global peers, he believes demand for consulting services and an incremental investment income tailwind will apply to the insurance brokerage space but not to Brown & Brown, making him relatively less bullish on its near-term prospects, especially given year to date outperformance partially attributable to trade war fears.
09/20/18
RHCO
09/20/18
NO CHANGE
Target $33
RHCO
Buy
Brown & Brown to continue organic growth trends, says SunTrust
SunTrust analyst Mark Hughes kept his Buy rating and $33 price target on Brown & Brown after its "first ever Investor Day" in New York, saying the management has expressed its intentions to drive organic growth with "new product initiatives and technology enhancements". The analyst also expects the company to continue executing its M&A strategy that is funded by cash flows, maintaining its "conservative leverage". Hughes further points to the company's wholesale brokerage business outperforming last year results and its National Programs segment outpacing the industry.
03/21/19
RHCO
03/21/19
NO CHANGE
Target $32
RHCO
Buy
Brown & Brown leads in value-add arena for insurers, says SunTrust
SunTrust analyst Mark Hughes kept his Buy rating and $32 price target on Brown & Brown after his travels with its management, saying the company CFO has highlighted the company's "leading position in the program management space" to investors. The analyst believes that in the National Programs division in particular, which accounts for a quarter of its revenue", Brown & Brown's captures up to 30% of earned premium vs. 10% normal commissions thanks to its broker partnerships. Hughes also sees "Insuretech" as a benefit to the company's National Programs, since "many of the new technology developments are targeting operational inefficiencies and should thus lower operating costs."
AJG Arthur J. Gallagher
$80.77

-0.15 (-0.19%)

04/05/19
WELS
04/05/19
DOWNGRADE
Target $95
WELS
Market Perform
Marsh & McLennan downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Elyse Greenspan downgraded Marsh & McLennan (MMC) to Market Perform from Outperform with an unchanged price target of $95. With the shares up 19% year-to-date, the analyst is taking the time to move to the sidelines. She views Marsh & McLennan's acquisition of JLT as a long-term positive but points out that "no large brokerage transactions have taken place without some hiccups along the way." For investors looking for exposure to the brokers, Greenspan continues to have an Outperform rating on Arthur J Gallagher (AJG).
03/05/19
WELS
03/05/19
NO CHANGE
WELS
Wells Fargo not convinced Willis Towers Watson deal with Aon would work
After Bloomberg reported that Aon (AON) is considering a bid to buy Willis Towers Watson (WLTW), Wells Fargo analyst Elyse Greenspan said the movements in both stocks following the report do not indicate to her that the market thinks a deal is coming. Overall, she sees regulatory issues being a big overhang for a deal that would combine the second and third largest insurance brokers and she is not convinced such a deal could get completed. If she were to be wrong, and such a deal comes together, Greenspan said she believes the net winner would be Arthur J. Gallagher (AJG), as they can take advantage by either buying additional businesses or taking people that want to leave or business that gets lost. Wells Fargo has Market Perform ratings on Aon and Willis and an Outperform rating on Gallagher shares.
08/07/18
FBCO
08/07/18
INITIATION
Target $84
FBCO
Outperform
Arthur J. Gallagher initiated with an Outperform at Credit Suisse
Credit Suisse analyst Michael Zaremski started Arthur J. Gallagher with an Outperform rating and $84 price target. Between ongoing back-office expense efficiency initiatives, a strong M&A pipeline, his view that P&C pricing will remain fairly stable, an increasing talent recruitment pipeline, and upside optionality once the company amasses enough data/scale overseas to create its own higher-margin facilities, the analyst sees clear skies for low-double-digit earnings growth in the years to come.
12/13/18
KBWI
12/13/18
DOWNGRADE
KBWI
Market Perform
Arthur J. Gallagher downgraded to Market Perform at Keefe Bruyette
MMC Marsh & McLennan
$95.31

-0.22 (-0.23%)

04/08/19
GSCO
04/08/19
INITIATION
Target $98
GSCO
Neutral
Marsh & McLennan reinstated with a Neutral at Goldman Sachs
Goldman Sachs analyst Yaron Kinar reinstated Marsh & McLennan with a Neutral and $98 price target.
02/08/19
DBAB
02/08/19
UPGRADE
Target $164
DBAB
Hold
Deutsche Bank upgrades Willis Towers Watson to Hold, boosts target to $164
Deutsche Bank analyst Joshua Shanker last night upgraded Willis Towers Watson (WLTW) to Hold from Sell and raised his price target for the shares to $164 from $149. With 2018 coming to a close, the free cash flow content of Willis Towers Watson's earnings has improved to a point where the "valuation discount to its peers is no longer materially under-representative," Shanker tells investors in a research note. A deeper valuation gap for Willis relative to peers shares Aon plc (AON) and Marsh & McLennan (MMC) "seems unmerited at this time," adds the analyst.
01/15/19
COMP
01/15/19
INITIATION
Target $86
COMP
Neutral
Marsh & McLennan initiated with a Neutral at Compass Point
Compass Point analyst Bijan Moazami initiated Marsh & McLennan with a Neutral and $86 price target saying he expects the JLT acquisition to be a "monumental" challenge and notes margin expansion has "halted."
AON Aon plc
$176.41

-0.54 (-0.31%)

02/04/19
02/04/19
UPGRADE
Target $200

Buy
Aon plc upgraded to Buy at MKM Partners on good organic growth
As previously reported, MKM Partners analyst Harry Fong upgraded Aon to Buy from Neutral and raised his price target to $200 from $155. The analyst cites the company's "good organic growth" of 6% reported in Q4 as well as its "very strong" free cash flow generation. As its restructuring program phases out, Fong believes that Aon may be on a path toward " upward sloping glide for earnings and cash flow," adding that the company's valuation profile has also improved.
02/04/19
02/04/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. ConocoPhillips (COP) upgraded to Buy from Neutral at Goldman Sachs with analyst Neil Mehta citing better than expected Q4 results to reflect better long-term differential assumptions outside of the U.S., a reduced operating cost outlook given recent trends, higher oil volumes in the Lower 48, Alaska, Asia to reflect project-by-project builds and slightly higher Australia LNG distribution payments up to Conoco. 2. Aon plc (AON) upgraded to Buy from Neutral at MKM Partners with analyst Harry Fong citing the company's "good organic growth" of 6% reported in Q4 as well as its "very strong" free cash flow generation. 3. Intercept (ICPT) upgraded to Strong Buy from Outperform at Raymond James with analyst Steven Seedhouse citing his "unusually high amount of conviction in REGENERATE" trial data, noting that all the attempts to test his confidence in the investment story have only made him more bullish. 4. Intuit (INTU) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Keith Weiss saying new products, tax code changes and a more benign competitive environment position the company to exceed conservative revenue expectations in FY19. 5. Addus HomeCare (ADUS) upgraded to Outperform from Neutral at Baird with analyst Matthew Gillmor saying he believes secular drivers will support attractive growth and bullish fundamentals for the home care sector. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
WLTW Willis Towers Watson
$180.01

-1.17 (-0.65%)

04/17/19
RHCO
04/17/19
NO CHANGE
RHCO
Buy
eHealth pullback presents 'very attractive' entry point, says SunTrust
SunTrust analyst Tobey Sommer said he views the mid-teen percentage decline in eHealth (EHTH) shares amid worries about Medicare for all proposals as presenting a "very attractive" entry point, noting that applying the same multiple paid by Willis Towers Watson (WLTW) for Tranzact implies a $62 share price for eHealth. While eHealth has a lower EBITDA margin, its revenue is growing faster and it has exposure in the individual and small business markets as well as the main Medicare business. The analyst, who believes eHealth's multi-year top-line growth outlook is substantially superior to consensus forecasts, driven by superior Medicare growth, keeps a Buy rating on the shares.
04/08/19
RBCM
04/08/19
NO CHANGE
RBCM
Outperform
eHealth guidance still 'looks conservative', says RBC Capital
RBC Capital analyst Frank Morgan kept his Outperform rating on eHealth (EHTH), stating that its valuation is supported by the $1.4B deal by WillisTowers Watson (WLTW) to acquire Tranzact which is also validating his bullish MA thesis. The analyst also notes that the stock has performed well in an otherwise "difficult healthcare tape", in part because of its "strong growth prospects in a niche not perceived as a problem with the healthcare system."
04/08/19
MKMP
04/08/19
NO CHANGE
Target $210
MKMP
Buy
Willis Towers Watson price target raised to $210 from $190 at MKM Partners
MKM Partners analyst Harry Fong raised his price target on Willis Towers Watson to $210and kept his Buy rating after its latest TRANZACT acquisition, saying the deal positions the company for two new Health Reimbursement Arrangements to be launched in the next two years. The analyst notes that TRANZACT will "enhance Willis's capabilities in the direct-to-consumer channel with Medicare and other products", complementing the company's Liazon and Extend Health units facilitating transition from group health plan due to retirement into a Medicare plan. Fong also states that while Medicare business grows at a low single-digit rate, the potential growth rate for the individual HRA business could be "significantly higher."
04/02/19
SBSH
04/02/19
NO CHANGE
Target $200
SBSH
Buy
Willis Towers Watson price target raised to $200 from $192 at Citi
Citi analyst James Naklicki raised his price target for Willis Towers Watson to $200 from $192 saying he has a favorable view of the company's Tranzact acquisition. Tranzact is highly levered to the "rapidly growing" Medicare Advantage and Medicare Supplemental market, Naklicki tells investors in a research note. He keeps a Buy rating on Willis Towers Watson.

TODAY'S FREE FLY STORIES

BANF

BancFirst

$55.58

-0.34 (-0.61%)

16:30
04/18/19
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Earnings
BancFirst reports Q1 EPS 96c, consensus 92c »

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16:30
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Options
Preliminary option volume of 20.4M today »

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ZSAN

Zosano Pharma

$3.41

-0.11 (-3.13%)

16:28
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Zosano Pharma CEO buys 100K shares of common stock »

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SJI

South Jersey Industries

$31.46

-0.16 (-0.51%)

16:26
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  • 21

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    May

BCBP

BCB Bancorp

$13.09

0.08 (0.61%)

16:21
04/18/19
04/18
16:21
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Earnings
BCB Bancorp reports Q1 EPS 32c, consensus 30c »

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  • 25

    Apr

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    May

VIX

Volatility Index S&P 500 Options

$0.00

(0.00%)

16:20
04/18/19
04/18
16:20
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16:20
Options
Closing CBOE SPX and VIX Index summary for April 18th »

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OKE

Oneok

$69.13

-0.59 (-0.85%)

16:17
04/18/19
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Hot Stocks
Oneok increases quarterly dividend 9% to 86.5c per share »

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  • 01

    May

  • 22

    May

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

16:17
04/18/19
04/18
16:17
04/18/19
16:17
Technical Analysis
NASDAQ market internals summary »

Volume was average for…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

16:16
04/18/19
04/18
16:16
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16:16
Technical Analysis
NYSE market internals summary »

Volume was average for…

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HEP

Holly Energy Partners

$28.23

0.51 (1.84%)

16:16
04/18/19
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Hot Stocks
Holly Energy Partners raises dividend to 67c per unit from 66.75c »

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  • 01

    May

HES

Hess Corp.

$65.87

-0.05 (-0.08%)

16:15
04/18/19
04/18
16:15
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16:15
Hot Stocks
Hess Corp. announces 13th discovery offshore Guyana »

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  • 25

    Apr

  • 09

    May

  • 22

    May

  • 29

    May

16:15
04/18/19
04/18
16:15
04/18/19
16:15
General news
Breaking General news story  »

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16:15
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04/18
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16:15
General news
Breaking General news story  »

Week of 4/8 Money Supply…

DTRM

Determine

$0.00

(0.00%)

16:13
04/18/19
04/18
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16:13
Hot Stocks
Determine announces winding up, liquidation, and dissolution »

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PRTA

Prothena

$10.67

-0.08 (-0.74%)

16:12
04/18/19
04/18
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Hot Stocks
Prothena will explore potential business development opportunities for NEOD001 »

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  • 06

    May

FFIN

First Financial

$60.25

-0.32 (-0.53%)

16:11
04/18/19
04/18
16:11
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16:11
Earnings
First Financial reports Q1 EPS 56c, consensus 56c »

Reports Q1 loan loss…

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  • 23

    Apr

INDB

Independent Bank

$84.23

-0.98 (-1.15%)

16:11
04/18/19
04/18
16:11
04/18/19
16:11
Earnings
Independent Bank reports Q1 EPS $1.30, consensus $1.29 »

Reports Q1 NII $82.5M vs.…

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  • 22

    Apr

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    May

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    May

EXPO

Exponent

$56.31

0.15 (0.27%)

16:11
04/18/19
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Earnings
Exponent reports Q1 EPS 42c, consensus 36c »

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  • 18

    Apr

SRCE

1st Source

$46.04

-0.68 (-1.46%)

16:11
04/18/19
04/18
16:11
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Earnings
1st Source reports Q1 EPS 86c, consensus 85c »

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  • 18

    Apr

AMNB

American National Bankshares

$35.04

-0.25 (-0.71%)

16:10
04/18/19
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16:10
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16:10
Earnings
Breaking Earnings news story on American National Bankshares »

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LITE

Lumentum

$60.71

0.56 (0.93%)

16:10
04/18/19
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Hot Stocks
Lumentum sees revenue from datacom transceivers down $20M-$25M in Q4 »

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  • 07

    May

  • 28

    May

TRNO

Terreno Realty

$43.11

0.44 (1.03%)

16:09
04/18/19
04/18
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16:09
Hot Stocks
Terreno Realty executes 192K sqm lease in Florida »

Terreno Realty announced…

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  • 30

    Apr

  • 07

    May

  • 08

    May

INNV

Innovus Pharmaceuticals

$0.00

(0.00%)

, AKRX

Akorn

$2.77

-0.16 (-5.46%)

16:09
04/18/19
04/18
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16:09
Hot Stocks
Innovus announces FDA approval for Akorn's ANDA for FlutiCare »

Innovus Pharmaceuticals…

INNV

Innovus Pharmaceuticals

$0.00

(0.00%)

AKRX

Akorn

$2.77

-0.16 (-5.46%)

03/08/13
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  • 01

    May

  • 01

    May

  • 07

    May

ISRG

Intuitive Surgical

$530.12

5.37 (1.02%)

16:09
04/18/19
04/18
16:09
04/18/19
16:09
Earnings
Intuitive Surgical says worldwide da Vinci procedures grew 18% »

Intuitive Surgical said…

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  • 18

    Apr

  • 25

    Apr

  • 03

    May

ISRG

Intuitive Surgical

$529.84

5.09 (0.97%)

16:07
04/18/19
04/18
16:07
04/18/19
16:07
Earnings
Intuitive Surgical reports Q1 EPS $2.61, consensus $2.70 »

Reports Q1 revenue $974M,…

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  • 18

    Apr

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    Apr

  • 03

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