WLTW - Willis Towers Watson upgraded on improving outlook deal or no deal: RayJay

Raymond James analyst C. Gregory Peters raises Willis Towers Watson (WLTW) to Strong Buy and sees sees strong earnings and free cash flow outlook with or without Aon acquiring the company.Recall that the European Commission on Feb. 9 suspended its review of Aon's proposed purchase of WLTW vs. its original decision deadline of May 10."While the stock is up ~13% since our recent upgrade, we believe the earnings and FCF outlook has improved further and positions stand-alone WLTW or a combined AON-WLTW to repurchase up to 7% and 12% of outstanding shares, respectively, over the next 18 months starting 3Q20," Peters writes.Updates his merger model estimates, including $1.5B of revenue divestitures, $800M of cost savings, and$7.3B in share repurchases over a 30-month period starting in Q3 2021; believes combined earnings and EBITDA could reach $13.75 per share and ~$7.0B in 2022 vs. prior estimates of $12.27 and ~$6.9B, respectively.Even with

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Willis Towers Watson upgraded on improving outlook, deal or no deal: RayJay