UPDATE: Deutsche Bank Raises Target to $36 on Arthyr J Gallagher

Deutsche Bank reiterates its Hold rating on Arthur J Gallagher AJG and increases its price target by $4 to $36 to reflect improved market conditions. Deutsche Bank says, "We are increasing our target price to $36, reflecting improving market conditions, which we expect to favorably impact the Brokerage segment's top line and margins, as well as the Risk Segment's top-line. However, the company now faces more challenging top-line prior-year comps and also the potential loss of lucrative back-end commissions, which may slow margin expansion. Finally, we believe that improving fundamentals are already largely priced in." AJG closed at $35.22 a share on Wednesday.