-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将MRSH的12个月目标价下调8美元至200美元，市盈率分别为19.4倍（基于我们2026年调整后每股收益预期10.33美元，上调0.03美元）和18倍（基于我们2027年每股收益预期11.15美元，维持不变）。我们的目标市盈率与MRSH过去一年的平均远期市盈率19.7倍以及同业平均市盈率16倍相比，处于合理水平。我们认为，以目前的股价水平来看，MRSH的估值相对于同业和历史平均水平而言较为合理。我们注意到，尽管MRSH第一季度8%的营收增长与我们此前5%至8%的预期相符，但该业绩包含了3%的汇率利好和1%的收购增长。第一季度4%的潜在营收增长可能处于同业平均水平的低端。此外，我们注意到MRSH的股价高于同业平均水平，但其利润率一直承压，落后于部分同业。具体而言，第一季度其营业利润率从去年同期的28.4%下降至23.1%。考虑到营收增长乏力、利润率下滑以及股价相对于同业的溢价，我们认为该股估值较为合理。
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