Arthur J. Gallagher price target lowered to $271 from $280 at Truist

Truist lowered the firm’s price target on Arthur J. Gallagher (AJG) to $271 from $280 and keeps a Hold rating on the shares after its Q4 results. The firm is reducing its price target as a result of valuation compression across the P&C brokerage space, the analyst tells investors in a research note. Truist adds however that the stock is fairly valued at the current multiple – at the high end of the relevant peer group of larger brokers.