Arthur J. Gallagher price target raised to $264 from $232 at Argus

Argus raised the firm’s price target on Arthur J. Gallagher to $264 from $232 and keeps a Buy rating on the shares. The firm expects organic growth of more than 9% in the company’s Brokerage unit in 2023, above the management’s forecast of 7%-9%, and also anticipates 10%-plus growth in its Risk Management business, the analyst tells investors in a research note. Argus adds that based on prospects for higher interest rates, strong organic growth, and contributions from acquisitions, it is raising its 2023 EPS estimate to $9.16 from $9.14.