Chicago-based insurance broker Aon received a downgrade from Merrill Lynch yesterday from “Buy” to “Neutral.”
While Aon's stock is within 2.6 percent of Merrill's price objective of $38, and in a comparable brokerage and consulting firm it would allow it to raise its price target modestly, Merrill said it did not see enough upside to maintain a “Buy” rating on the shares.
Merrill said it was also lowering its 2007 and 2008 earnings per share estimates by 10 cents to $2.75 and $3.05, respectively. The lower estimate was due to a more conservative view of buyback activity in the near term.
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