Citi analyst Michael Ward added nine property and casualty insurance stocks to his coverage with Arthur J. Gallagher (AJG) as his top pick. He’s also bullish on AIG. Both stocks were given Buy ratings with price targets of $225 and $72, respectively. Ward sees the brokers’ business model as attractive and favors it within the P&C sector but acknowledges "elevated" valuation levels. Heading into 2023, P&C brokers are a "lower-risk, defensive group" favorable to the underwriters currently, Ward tells investors in a research note. He sees potential upside to Arthur J. Gallagher’s guidance and likes AIG’s commitment to the divesture of its life and retirement business. Ward’s Neutral rated names are Aon plc (AON), Brown & Brown (BRO), Doma Holdings (DOMA), Marsh McLennan (MMC), Root (ROOT), Ryan Specialty Group (RYAN) and Willis Towers Watson (WTW).
Published first on TheFly
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