Risk Reward Update

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M

Update

July 31, 2026 03:30 PM GMT

Morgan Stanley & Co. LLC

Aon PLC | North America

Bob Jian Huang

Equity Analyst

Risk Reward Update

Aon PLC (AON.N, AON UN)

What’s Changed

Aon PLC (AON.N)

From

To

Bull Case

$453.00

$446.00

Bear Case

$276.00

$288.00

Insurance - Property & Casualty | United States of

America

EPS

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

52-Week Range

Bull Base Bear Scenarios

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

Risk Reward for Aon PLC (AON.N) has been updated

EPS ($)**

Prior EPS ($)**

17.07

Updated Components

Reason for change

We update our model to incorporate the latest 2Q26 results and management

Overweight

Attractive

$380.00

$366.57

$382.28-305.00

19.06

19.12

21.29

21.28

23.41

23.36

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

commentary from the earnings call. We generally maintain our forward estimates,

and our 2026e/2027e EPS remain fairly flat, at $19.06/$21.29. We maintain our PT

of $380/share.

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