Evercore ISI upgraded WTW (WTW) to Outperform from In Line with a price target of $373, up from $357. The analyst believes WTW’s “re-rating story” will continue in 2025 after a 14% increase in 2024 as its free cash flow improves and the mix shift towards the Risk and Broking segment continues. WTW trades at a discount relative to its organic growth due to historically poor free cash flow conversion that Evercore estimates will “show more drastic signs of improvement” in 2025 due to the sale of Tranzact and the reduction in restructuring expenses, the analyst tells investors in a research note.
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