UPDATE: Deutsche Bank Raises PT to $37 on Arthur J. Gallagher; Favorable Market Conditions

Deutsche Bank increases its price target from $36 to $37 on Arthur J. Gallagher AJG as it reiterates its Hold rating on shares. Deutsche Bank notes, "We are increasing our target price to $37, reflecting improving market conditions, which we expect to favorably impact Brokerage's top line and margins, and RM's top-line. However, Gallagher now faces more robust top-line prior-year comps and the potential flattening of lucrative back-end commissions, which may slow margin expansion. Finally, we believe that improving fundamentals are already largely priced in." AJG closed at $36.22 on Tuesday.