Marsh (MRSH) is expected to see continued pressure in its Risk and Insurance Services business on macro conditions, although its consulting operations remain a bright spot, RBC said in a Tuesday note following its Q2 results.

"While there were positive signs in the quarter, namely Marsh Management Consulting growth and expanded capital deployment plans, macro conditions continue to limit the largest and highest margin unit, RIS," the report said.

"RIS will likely benefit from favorable mix shifts in 2H26 but we remain cautious on a meaningful growth reacceleration in 2027, particularly for Guy Carpenter," it added.

While shares remain "attractively" priced relative to history, there is a limited scope for a favorable rerating, the report said.

RBC kept its sector perform rating with a $200 price target.

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