Arthur J. Gallagher initiated with a Neutral at Redburn Atlantic

Redburn Atlantic initiated coverage of Arthur J. Gallagher (AJG) with a Neutral rating and $352 price target offering 8% potential upside. Gallagher has emerged as one of the most compelling success stories in the insurance brokerage industry over the past decade, the analyst tells investors in a research note. The firm says its Neutral rating reflects the “evolving risks” surrounding the company’s consolidation strategy, as increased competition and rising acquisition multiples “create a more challenging environment for sustained value creation.”