Barclays downgraded Arthur J. Gallagher (AJG) to Underweight from Equal Weight with a price target of $250, down from $328. The firm reduced organic growth estimates “across the board” for the insurance brokers, saying property and casualty pricing is below expectations. “Persistent signs” of softening across the property and casualty markets along with weaker pricing data “signal a turning point,” the analyst tells investors in a research note. Barclays believes Arthur J. Gallagher has the biggest level of downside organic growth revisions compared to Street estimates.
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