UPDATE: Bank of America Merrill Lynch Upgrades Towers Watson to Buy

Bank of America Merrill Lynch is out with its report today on Towers Watson (NYSE: TW), upgrading TW to Buy.

In a note to clients, Bank of America Merrill Lynch writes, "Towers Watson shares have pulled back 6% following strong 3QF11 results versus the S&P down 4%. We are upgrading TW shares to Buy and increasing our target by $2 to $70, representing 17% upside."

Shares of TW closed Monday at $59.71.