Piper Sandler analyst Paul Newsome lowered the firm’s price target on Arthur J. Gallagher (AJG) to $340 from $352 and keeps an Overweight rating on the shares. The firm is adjusting the mechanics of its model that was double-counting acquisition earnout payables in the brokerage segment. Piper is also adjusting the mechanics of its assumptions for the acquisition of Woodruff Sawyer.
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