Citigroup Comments On MMC 4Q

Citigroup is commenting on Marsh & McLennan Companies, Inc.'s MMC 4Q10, with “adjusted EPS of $0.41 vs. our $0.37 and FC at $0.39 — which excludes restructuring charges of $54M ($0.07/sh), a higher 4Q10 tax rate of ~35% and no earnings impact from Kroll,” Citigroup writes. “Key takeaway is both growth and margin expansion were stronger than our estimates and peers. MMC repurchased 3.4M shares for $86M in 4Q10.” Citigroup maintains its $32 PT on Marsh & McLennan Companies, which currently trades at $28.87.