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Investing.com - Evercore ISI has raised its price target on Willis Towers Watson (NASDAQ:WTW), a $31.3 billion market cap insurance broker, to $373.00 from $364.00 while maintaining an Outperform rating on the stock. According to InvestingPro data, analysts maintain a bullish consensus on WTW, with price targets ranging from $305 to $408.
The firm cited a "better quarter" as the basis for increasing its earnings per share estimates, reflecting slightly improved margins and Health growth going forward, as well as less drag from the Reinsurance buildout in the second half than previously estimated.
Evercore ISI noted the durability of WTW’s Health, Wealth and Career business, which represents approximately 60% of total revenue, along with a strong pipeline and reduced uncertainty as positive factors for the second half of the year.
The firm believes Willis Towers Watson still has "re-rating potential" into the back half of the year as organic growth remains consistent and free cash flow improves.
Evercore ISI suggested that recent drawdowns in broker stocks this week due to "idiosyncrasies at other brokers" have created interesting buying opportunities, particularly for Willis Towers Watson, AON and AJG.
In other recent news, Willis Towers Watson reported its second-quarter financial results, surpassing analyst expectations. The company achieved adjusted earnings of $2.86 per share, which was above the anticipated $2.63 per share. Additionally, revenue reached $2.3 billion, exceeding the consensus estimate of $2.23 billion. Despite the sale of its TRANZACT business, the company managed to deliver a 5% organic revenue growth, although overall reported revenue remained flat year-over-year. These developments highlight the company’s strong performance in the face of challenges. Analyst firms have noted these results, which may influence their future assessments. Investors are closely watching these updates to gauge the company’s financial health. These recent developments are pivotal for stakeholders.
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