Arthur J. Gallagher price target lowered to $352 from $372 at Piper Sandler

Piper Sandler lowered the firm’s price target on Arthur J. Gallagher (AJG) to $352 from $372 and keeps an Overweight rating on the shares following quarterly results. The firm notes it was an essentially in-line result from a bottom line perspective, but margins and organic growth were slightly lower than we expected. Guidance was tightened for brokerage organic growth but otherwise maintained, Piper adds. The firm thinks it was a fine quarter for Arthur J. Gallagher.