Marsh & McLennan shares slide after BofA cuts to Underperform on valuation concerns

Insurance broker Marsh & McLennan (NYSE:MMC) stock slips nearly 3% after Bank of America analyst Joshua Shanker downgrades MMC to Underperform from Neutral.
Shanker believes that MMC's valuation is peaking, which presents the potential for further downside risk, Shanker writes in a note to clients.
"The suppression of T&E (travel & entertainment) expenditures during the pandemic should cause 2022 EPS to be inflated (particularly in 1H22 due to the COVID Omicron variant's impact in our revised EPS forecast)."
The Underperform rating diverges from the Neutral Quant Rating, with the worst factor grade in Valuation, and the Bullish Wall Street Analyst Rating (4 Very Bullish, 2 Bullish, 9 Neutral, 1 Very Bullish).
Previously, (Nov. 19) Marsh & McLennan got initiated with a Buy at Jefferies.