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Bank of America upgraded Arthur J. Gallagher & Co.
AJG from Neutral to Buy and raised the price target from $38.00 to $41.00.
Bank of America noted, "We are upgrading our opinion on the shares of AJG to Buy from Neutral. Given fundamental trends revealed in the 4Q12 earnings report and our stance on commercial lines market conditions, we have a more optimistic view of the company's earnings potential for the next several years and our price objective. … The increase reflects both an increase in our expectations for EPS and a shift to 2014 results for our valuation framework. Our $41 price objective is just over 16x our revised 2014 estimate."
Arthur J. Gallagher & Co. closed at $36.31 on Wednesday.
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