Jefferies downgraded Arthur J. Gallagher to Hold from Buy with a price target of $233, down from $279. The analyst expects the personal auto hard market to continue, reinsurance rates to flatten but remain robust, elevated liability loss trends and an increasingly likely soft landing to limit top line growth and further yield expansion. The firm is constructive on personal auto and Bermuda and less so on commercial and brokers. The rating change is part of Jefferies’ insurance 2024 outlook.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on AJG:
- Arthur J. Gallagher & Co. Acquires Köberich Financial Lines
- Arthur J. Gallagher downgraded to Underperform at Keefe Bruyette
- Arthur J. Gallagher price target raised by $20 at Truist, here’s why
- Arthur J. Gallagher price target raised by $8 at RBC Capital, here’s why
- Arthur J. Gallagher price target raised by $8 at Wells Fargo, here’s why