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Arthur J. Gallagher price target lowered to $298 from $311 at Wells Fargo

Wells Fargo lowered the firm’s price target on Arthur J. Gallagher (AJG) to $298 from $311 and keeps an Overweight rating on the shares. The firm notes the company reported Q4 EPS of $2.38, beating its $2.33 and Street’s $2.35 due to stronger Brokerage margin. Brokerage organic was 5% underlying, but 2% under old definition, missing Wells’ comparable 3.3% due to high-end impact from life/accounting.

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