Piper Jaffray ‘neutral’ rating on Arthur J. Gallagher & Co

Piper Jaffray is out with a research report on Insurance brokerage company Arthur J. Gallagher & Co AJG and has given a ‘neutral’ rating to the company with a price target of $24. The stock is currently trading at $25.35. AJG declared Q2 operating EPS of $0.40, below the consensus estimate of $0.46. They reported income from commission and fees of $455.7 million, as per Piper's expectation. Until economic growth resumes, expectation remains modest, hence a ‘neutral’ rating has been tacked on to the stock.