Arthur J. Gallagher price target raised to $293 from $254 at Piper Sandler

Piper Sandler raised the firm’s price target on Arthur J. Gallagher to $293 from $254 and keeps a Neutral rating on the shares following the quarterly investor call. Expectations for organic growth were towards the low end of its original range with no specific reason cited beyond management conservatism, the analyst tells investors in a research note. The firm thinks the market will interpret that the environment is just broadly not quite as strong as it was once. Piper lowered earnings estimates slightly to reflect the lower organic growth guidance but upped the price target to reflect the higher valuations paid for peers.