Cantor Fitzgerald analyst Ryan Tunis downgraded Arthur J. Gallagher (AJG) to Neutral from Overweight with a price target of $282, down from $344. The initial positive stance on insurance brokers appears premature and overly optimistic, as near-term fundamentals are likely to deteriorate before improving, the analyst tells investors in a research note. While the subgroup remains interesting, negative consensus organic growth revisions are expected in the interim, Cantor adds.
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