FMP
Aon Slashed to Underperform at BofA Securities
May 22, 2024 12:38 PM - Davit Kirakosyan
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BofA Securities analysts downgraded Aon Corp (NYSE:AON) rating to Underperform from Neutral and lowered their price target to $306 from $345 on the stock.
The analysts noted that Aon has recently lagged behind other insurance brokers due to below-average organic growth, risks associated with the $13.4 billion NFP acquisition, and changes in management. The company's valuation has hovered around 85% of the S&P 500 P/E multiple, slightly above historical lows and below the typical range of 100-105%.
The analysts believe that regaining investor confidence will take time, which will likely hinder Aon's return to historical valuation levels in the near future. Given the current operational risks, the analysts downgraded Aon's shares to Underperform.
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