Arthur J. Gallagher upgraded to Outperform from Neutral at Mizuho

Mizuho upgraded Arthur J. Gallagher (AJG) to Outperform from Neutral with a price target of $260, down from $277. The firm adjusted ratings in the insurance property and casualty group following the recent sector selloff. There is “low disruption threat” to the insurance brokerage names who focus on middle-market and larger accounts from AI, the analyst tells investors in a research note. Mizuho believes disintermediation risk is “geared to mass market personal lines and the smaller end of SME.”