J.P. Morgan Leaves Willis Group Holdings $35 PT, Neutral Rating Unchanged (WSH)

J.P. Morgan left its Willis Group Holdings WSH $35 price target and Neutral rating unchanged in a research report published today. In the report, J.P. Morgan states, "The company announced two significant items in the quarter. First, it is considering repurchasing its $500 million senior note due 2016, which would require a $180 million make whole provision. Second, the company announced a new expense reduction initiative that targets run-rate savings of $90-$100 million in 2012. The goal is to use savings to help offset higher amortization expenses associated with cash retention bonuses as well as salary increases and the reinstatement of 401K matches. While macro factors are more supportive of growth going forward, the company will need to deliver cost savings, while maintaining growth, to drive further improvements in valuation and stock price performance." Shares of Willis Group Holdings closed Thursday at $38.09, reflecting no change from Wednesday's market close.